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<br />ARDEN HILLS CITY COUNCIL - February 20, 2007 <br /> <br />B. Proposed New Financial Planninl! Analysis Committee (FPAC)- <br /> <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 (FP AC). 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 /> <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 /> <br />Councilmember Holden recommended that the committee research the City's utility rates. <br /> <br />Finance Director Sue Iverson noted that the Financial Planning Analysis Committee could review <br />the City's different financial programs and investments. <br /> <br />Mayor Harpstead said that he would be agreeable to having this committee review the City's <br />investment policy. <br /> <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 /> <br />Finance Director Iverson noted that the committee could advise the City Council regarc1ing <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 /> <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 /> <br />Councihuember Holmes requested that the FP AC committee review the public fmancing policy <br />for the City. <br /> <br />Mayor Harpstead said that the City will need to recruit upper level finance people for this <br />committee. <br /> <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 /> <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 /> <br />3 <br />