HomeMy WebLinkAbout8-9-11 FPAC Minutes MINUTES
City of Arden Hills
1245 West Highway 96 ▪ Arden Hills Minnesota 55112
Phone 651.792.7800 ▪ Fax 651.634.5137
www.ci.arden-hills.mn.us
FINANCIAL PLANNING & ANALYSIS COMMITTEE
Tuesday, August 9, 2011
6:00 P.M.
Council Chambers, Arden Hills City Hall
CALL MEETING TO ORDER AND ROLL CALL
The meeting was called to order by Jim Ostlund at 6:00 pm.
MEMBERS PRESENT: Jim Ostlund, Arlene Mitchell, John Braun, Jeff Johnson
MEMBERS NOT PRESENT: David Grant; Council Liaison, Katy Peters
OTHERS PRESENT: Sue Iverson, Kyle Howard, David Radziej
Call to Order
1. APPROVAL OF THE AGENDA
Motioned: Jeff Johnson
Seconded: Arlene Mitchell
2. APPROVAL OF April 12, 2011, MINUTES
Approved as amended
Motioned: Arlene Mitchell
Seconded: Jeff Johnson
3. UNFINISHED AND NEW BUSINESS
A. Introduction of David Radziej
David Radziej was introduced to the Committee as a possible candidate to fill the vacant seat.
B. Review of the City’s Conduit Debt Policy
The committee reviewed the City’s current Conduit Debt policy. It was determined that no
change to the policy was needed and voted to accept the current policy as it stands.
The reason for no change was because the temporary raise in the City’s bank qualification to
$30,000,000 per year expired and has been reduced to the former amount of $10,000,000 per
year. It was also determined that it is highly unlikely for the bank qualification to increase in
the near future. Since the current policy was written to reflect the amount of $10,000,000 the
calculation of 1/8th of 1% of the outstanding balance was still an acceptable amount.
4. REPORTS
A. Reports from the City Council
There were no Council updates.
5. ADJOURNMENT
Motioned: Jim Ostlund at 6:55 pm.
Seconded: Arlene Mitchell
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Jim Ostlund, Chair Susan K. Iverson, Finance Director