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Councilmember Hendriksen inquired if as part of the accounting process is it visible as to what <br />funds were used by the City to attract new business to that area and what was done to improve <br />the community. <br /> <br />Finance Officer Lund reviewed how TIF reporting is done, noting that it is not broken down by <br />project. <br /> <br />Councilmember Hendriksen stated that the manner in which the reports are compiled obscure the <br />information that he is trying to achieve, which include the funds that are spent to attract business <br />to the City and the TIF that is used to improve the City. <br /> <br />Finance Officer Lund replied that by reviewing the accounting documents they can determine <br />those numbers. <br /> <br />Councilmember Hendriksen stated that the City is coming under a lot of pressure for attracting a <br />lot of businesses without the City receiving a benefit. If the City does not have a way to show <br />there is a benefit it is hard to defend. <br /> <br />City Administrator Norman stated that he thought it would be possible for staff to put together <br />the information Councilmember Hendriksen is requesting. <br /> <br />Councilmember Hendriksen stated that what he wants to know is that out of the $2.5 million of <br />special revenue, what percent is used to pay back debt the City has received and what is <br />remaining. <br /> <br />Councilmember Kurak inquired if it would be a significant amount of work to put together the <br />figures. <br /> <br />Finance Officer Lund replied that it would take some time to compile the information. <br /> <br />Mayor Gamec suggested hiring an auditor to put those numbers together. <br /> <br />Councilmember Hendriksen stated that he was surprised that those numbers are not already <br />available. He questioned how the City could evaluate whether it is worth it City to spend the <br />money or not to get a business into the City without those figures. <br /> <br />Consensus of the Committee was to direct staff to bring back further information to the next <br />Finance Committee meeting. <br /> <br />Motion by Councilmember Anderson, seconded by Councilmember Zimmerman, to recommend <br />Council accept the 2000 Comprehensive Annual Financial Report and authorize the Finance <br />Officer to submit to the State of Minnesota Department of Revenue and other agencies, as <br />required, and to submit the report with application for the Certificate to the Government Finance <br />Officers Association of the United States and Canada. <br /> <br />Finance Committee/June 26, 2001 <br /> Page 3 of 6 <br /> <br /> <br />