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ARDEN HILLS CITY COUNCIL WORK SESSION—MAY 21,2007 11 <br /> • 6) Policy Decision on Decertified TIF Districts <br /> Finance Director Iverson reported the Council is required to make a decision on what to <br /> do when a TIF district is decertified. She stated one district decertifies in 2009 and <br /> another in 2015. She questioned the Council as to whether it wanted to let the increment <br /> revert back to the general tax rolls as a reduction or did it want to budget that amount for <br /> a special purpose. She explained the decision would result in either taxes decreasing or <br /> taxes remaining the same. <br /> Discussion ensued. <br /> Mayor Harpstead directed Finance Director Iverson to maximize the opportunity. <br /> 7) Policy Decisions on the City's Tax Rate <br /> Finance Director Iverson stated that direction from Council has been that the new <br /> Financial Planning and Analysis Committee work on this. She asked Council for <br /> direction and/or parameters. <br /> Discussion ensued. <br /> Consensus was reached to take this to the Financial Planning and Analysis Committee. <br /> • <br /> 8) Utility Fund Analysis Completion <br /> Finance Director Iverson reported a rate study was completed in 2004; however, the <br /> financial plan would update and assist in determining whether additional changes are <br /> needed in 2008. <br /> Finance Director Iverson reported the senior citizen's discount rate is costing the City <br /> $42,000 per year. She presented the possibility of a tier rate structure. <br /> Discussion ensued. <br /> Consensus was reached to direct staff to conduct a rate study. <br /> General Finance Update <br /> 1) 2006 Unaudited Financial Reports <br /> Finance Director Iverson stated the Surface Water Management Fund and the TCAAP <br /> Fund had a negative cash flow. She reported she completed an inter fund transfer of cash <br /> from the General Fund because a negative cash balance is not allowed. <br /> • <br />