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City Administrator Norman advised another tool would be to take a long look at expenses in the <br />2006 budget process. <br /> <br />Counci lmcmber Elvig replied the expenses might be able to be reduced in 2006, but would likely <br />return in 2007, There is plenty of opportunity to deal with this. He stressed the need to flatten <br />thc taxes ()ut. <br /> <br />lqnancc Director Lund advised the landfill fund can loan to other funds at no interest rate. This <br />Iktnd is now basically the City's trust fund. <br /> <br />Mayor Gamec indicated the landfill fund is a good reserve fund to have, and any funds borrowed <br />from the landfill fund should be paid back. <br /> <br />Mr. Donna reviewed tax impacts based on an early borrowing scenario. The Council indicated <br />the preferred method would be the delayed borrowing scenario. <br /> <br />?inance Officer Lund advised the next step in this process will be to act on the short term <br />borrowing for the county portion of the project. <br /> <br />City Administrator Norman indicated this will be on the agenda of the next City Council meeting <br />io begin this process. <br /> <br />Councih:nember Elvig noted the first parking ramp must be substantially complete by the end of <br />the year to qualify for the funds that have been granted. He inquired about the status of the Letter <br />el'No Prejudice. <br /> <br />City Administrator Norman indicated it may be necessary to come up with some creative <br />financing, as the Letter of No Prejudice seems to be hinged on whether Ramsey is a station on <br />tlae map ['or Northstar. The FTA wants to see how the ramp relates to Northstar, but they cannot <br />get this on the agenda until the bonding is at the governor's office. <br /> <br />Councilmember Elvig requested a review of a timeline in reverse to determine the last date to act <br />on items. <br /> <br />City Administrator Norman indicated Jim Lasher has some information prepared regarding this, <br />and staff would like to bring him back to meet with the Council. <br /> <br />Florence Officer Lund advised the policy states that the landfill trust fund balance will remain at <br />$2,750,000. <br /> <br />Mayor Gamec suggested the policy may need to be changed to allow enough funds to be <br />borrowed to meet the $2,000,000 gap and keep the taxes level. <br /> <br />Councilmember Elvig commented they may be able to trim the budget and utilize any excess <br />rewmue f'rom 2005. They may also be able to capitalize some of the interest. <br /> <br />City Council Work Session/March 29, 2005 <br /> Page 3 of 8 <br /> <br /> <br />