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ARDEN HILLS CITY COUNCIL—February 20, 2007 <br /> B. Proposed New Financial Planning Analysis Committee (FPAC)- <br /> Finance Director Sue Iverson provided the City Council with an overview of the draft guidelines, <br /> mission, and purpose of the Financial Planning and Analysis Committee (FPAC). City staff is <br /> seeking input from the City Council regarding the committee's mission, goals, objectives, and <br /> membership for the up-coming year. <br /> Councilmember McClung recommended that the mission and purpose of the group to be less <br /> defined and more flexible to cover different government financing issues that may arise in the <br /> future. <br /> Councilmember Holden recommended that the committee research the City's utility rates. <br /> Finance Director Sue Iverson noted that the Financial Planning Analysis Committee could review <br /> the City's different financial programs and investments. <br /> Mayor Harpstead said that he would be agreeable to having this committee review the City's <br /> investment policy. <br /> Councilmember Grant stated the FPAC committee could review the City's five year CIP plan and <br /> advises the City on appropriate budget reserve balances. <br /> • Finance Director Iverson noted that the committee could advise the City Council regarding <br /> budget overages and where the extra funding should be allocated. Bonding raters do check to see <br /> if a City has a budget reserve policy. <br /> Mayor Harpstead stated that he would like the committee create its own objectives and the action <br /> steps needed to make the process work. The City Council would create the expected outcomes <br /> for the committee. <br /> Councilmember Holmes requested that the FPAC committee review the public financing policy <br /> for the City. <br /> Mayor Harpstead said that the City will need to recruit upper level finance people for this <br /> committee. <br /> City staff will implement the recommended changes by the City Council and place the Financial <br /> Planning and Analysis Committee guidelines on a future City Council meeting agenda for further <br /> discussion. <br /> Proposed 2007 Work Session Schedule- <br /> Mayor Stan Harpstead provided the City Council with an overview of the proposed 2007 work <br /> session meeting schedule. Mayor Harpstead noted that the intent of the work session schedule is <br /> to bring continuity to the work session and avoid being too reactionary to future problems and <br /> • issues. <br /> 3 <br />