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ARDEN HILLS CTTY COUNCIL WORK SESSION - NOVEMBER 16, 2009 2 <br />IA. Financial Planning and Analysis Committee Presentation (coat.) <br />Scott Bronson introduced himself to the Council stating he was the chair of the <br />Financial Planning and Analysis Committee. He noted he was retired from <br />MedTronic. Mr. Bronson noted that Jim Ostlund and Arlene Mitchell were <br />present. <br />Mr. Bronson indicated the committee members were present to discuss how they <br />could support the Council in planning long-term capital projects. He explained the <br />committee could provide additional analysis and bring tools or options to the table <br />to increase financial education for the City. Mr. Bronson reviewed some of the <br />evaluation criteria the committee could use stating they could also assist with <br />seeking alternative funding sources. <br />Jim Ostlund explained that some long-term capital projects can be funded out of <br />reserve balances but certain projects were expensive capital outlays. He further <br />reviewed the positives and negatives of having debt at this time, while reviewing <br />that the timing of debt was crucial as well. <br />Discussion ensued regarding municipal bonds and the interest rates paid. <br />Councilmember Holmes questioned if the City of Arden Hills should proceed <br />with municipal bonds with caution. <br />Mr. Ostlund explained that the City of Arden Hills has a high rating at this time <br />and was not excessively using debt. <br />Finance Director Iverson explained that the only debt the City was carrying at <br />this time was for the TIF district. <br />Councilmember Holmes asked if there was a recommended amount of debt that <br />the City should be carrying. <br />Mr. Ostlund stated this was going to be investigated further by the Committee. <br />Mayor Harpstead indicated that the committee would benefit the City by assisting <br />in grants, fundraising and contributions to future projects. <br />