05-21-07 Minutes - Laserfiche WebLink

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ARDEN HILLS CITY COUNCIL WORK SESSION - MAY 21, 2007 11 6) Policy Decision on Decertified TIF Districts Finance Director Iverson reported the Council is required to make a decision on what to do when a TIP district is decertified. She stated one district decertifies in 2009 and another in 2015. She questioned the Council as to whether it wanted to let the increment revert back to the general tax rolls as a reduction or did it want to budget that amount for a special purpose. She explained the decision would result in either taxes decreasing or taxes remaining the same. Discussion ensued. Mayor Harpstead directed Finance Director Iverson to maximize the opportunity. 7) Policy Decisions on the City's Tax Rate Finance Director Iverson stated that direction from Council Financial Plauning and Analysis Committee work on this. direction and/or parameters. has been that the new She asked Council for Discussion ensued. Consensus was reached to take this to the Financial Planning and Analysis Committee. 8) Utility Fund Analysis Completion Finance Director Iverson reported a rate study was completed in 2004; however, the financial plan would update and assist in determining whether additional changes are needed in 200S. Finance Director Iverson reported the senior citizen's discount rate is costing the City $42,000 per year. She presented the possibility of a tier rate structure. Discussion ensued. Consensus was reached to direct staff to conduct a rate study. General Finance Update 1) 2006 Unaudited Financial Reports Finance Director Iverson stated the Surface Water Management Fund and the TCAAP Fund had a negative cash flow. She reported she completed an inter fund transfer of cash from the General Fund because a negative cash balance is not allowed.