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Finance Officer Lund explained that the City currently has approximately six million dollars in <br />reserve. The City is required to have 60 percent of next years budget on hand because they <br />receive property taxes in July and December. That is currently what they have on hand. <br /> <br />Mr. Champagne stated that when he was reviewing the City's financial records he saw funds <br />totaling 20 million dollars. <br /> <br />Finance Officer Lund explained that Mr. Champagne reviewed all the different funds in the City <br />including builder escrow accounts. There are restrictions on each of the funds and policies of <br />how each funds are to be used. <br /> <br />Jim Hirschman, 5859 Alpine Drive NW, Ramsey, Project #02-12, stated that he had faxed <br />something to the City Administrator regarding the assessment. He explained that he has lived in <br />on his property for 20 years and has never been assessed for any improvements to this point <br />because it is an MSA road. As far as he is concerned the increase in traffic in front of his house <br />is not an improvement. He inquired as to how many driveways along Alpine Drive were <br />assessed and if the City Hall facility was assessed. He also inquired if all the residential roads <br />that have to use Alpine Drive for access to their houses were assessed. He questioned what <br />happened to the MSA funds that had been used in the past. <br /> <br />Principal City Engineer Olson replied that Alpine Drive is a state aid road and was built to state <br />aid standards. The City's current policy is that any driveway that fronts an MSA road is assessed <br />the average assessment for a typical residential street improvement project. State aid funds did <br />pay a significant portion of the cost. <br /> <br />Mr. Hirschman replied that the letter he received did not indicate that MSA funds were used at <br />all. He inquired if the properties that use Alpine Drive to access their homes off another City <br />street were assessed. <br /> <br />Mayor Gamec replied that they only assess property owners that front the road. <br /> <br />Mr. Hirschman stated that it seemed to be more attractive to developers with the improvement <br />and the developments aren't there yet and they will end up damaging the road. <br /> <br />Mayor Gamec replied that the City collects bonds and if any damage is done they would have to <br />pay for it. <br /> <br />Ms. Matilla inquired as to when Bright Keys is hoping to start construction. <br /> <br />Mayor Gamec replied that they have no idea. <br /> <br />Principal City Engineer Olson noted that they still have to go through preliminary plat so it <br />would be no sooner than next spring. <br /> <br />City Council/September 24, 2002 <br /> Page 10 of 33 <br /> <br /> <br />