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Home My WebLink About07-10-07 FPAC Minutes ~ ~HILLS Minutes FINANCIAL PLANNING & ANALYSIS COMMITIEE TUESDAY, July 10, 2007 6:00 P.M. Upstairs Conference Room, Arden Hills City Hall I. CALL MEETING TO ORDER AND ROLL CALL The meeting was called to order by committee chair, Scott Bronson at 6:03pm MEMBERS PRESENT: Maurice Gieske, Scott Bronson, AI Hilgers, Jeff Johnson, David Grant, Council Liaison OTHERS PRESENT: Sue Iverson, Finance Director; Joe Rueb, Accounting Analyst MEMBERS NOT PRESENT: Jim Ostlund II. APROVAL OF AGENDA Motioned: Jeff Johnson Seconded: Maurice Gieske III. APPROVAL OF JUNE 20,2007 MINUTES Motioned: Jeff Johnson Seconded: AI Hilgers IV. CITY COUNCIL UPDATE - Councilmember Grant Cheasapeake Co. wants to start a new development with over 400,000 square feet of commercial space. They have asked for TIF possibilities toward land improvement. Is there an updated TIF policy? Hilgers wanted to know if there are any connection between New Brighton and Arden Hills. There was an offer on the Holiday Inn. The buyer plans to demolish the old building and rebuild. They met with City Council to discuss their plans which may include: a fast food restaurant, sit-down restaurant, a bank, and one or two assisted living establishments. A proposal has been presented for the southeast corner of County Road E and Lexington. TCMP - Reviewing transportation in and out of the TCMP property. The developer (RRLD) is spending over $40,000 per day for land survey, preparation, and land improvements, trying to characterize the TCMP property. They are currently working under an interim agreement. RRLD currently does not have a partner with this project. TCMP is not a done deal. When completed it is estimated to be an $875,000,000 development. Testing has shown that water contamination extends six miles out of TCMP and soil contamination extends 170 feet below the surface. City of Arden Hills 1245 West Highway 96' Arden Hills Minnesota 55112 Phone 651.634.5120 . Fax 651.634.5137 www.ci.arden-hills.mn.us ~ ~HILLS FPAC group is interested in the future plans for the Briarknoll neighborhood. V. INVESTMENT POLICY DISCUSSION A. Review suggested revisions and comments from the City Attorney B. Refine Policy and Discussion Concerns on 2.C. Delegation of Authority. Cannot delegate to someone eise; no one has that authority. Remove the word Armroved and replace with Acknowledaed. Remove FPAC chair and Council Liaison. Johnson asked if there were a sufficient number of officials to authorize investments. Group decided to add Act/no Mavor after the Mayor; if the Mayor is unavailabie, the Acting Mayor is authorized to acknowledge the investment. Bronson asked if the acknowledgement should be in writing and if that specification should be written in the policy. Johnson wanted to know why in 5.3.E. "AA" is a required rating and not required in 5.3.A-D. It is not required due to State Statutes. Johnson thought that the Section 7 was vague. What is the counter party risk? Any guarantees behind it? Look at further defining external investment pool. Change to: No more than 5% of the overall portfolio mav be invested in the securities of a sinale issuer. except for the securities of the U.S. Government. or a maximum of 25% with anv individual counter partv in an external investment pool. RBC Dain Rauscher is the trustee, while PMA manages it. Minimize risk with a ten day window. Make formatting uniform throughout policy. C. Adopt recommended policy for presentation to City Council Motioned: Jeff Johnson Seconded: Maurice Gieske VI. 2006 Financial Statement review City Council selects the City's auditors. Group reviewed the Special Purpose Audit Report (pg 4). Johnson wanted to know of anything specific with the 2006-1 Segregation of Duties finding. Cash receipting and accounts payable (issuing and cutting checks) are two main concerns. Currently working on improving cash receipting procedures; accomplished segregating account payable duties. Currently the City does not have a formal credit card policy. City of Arden Hills ~ ~HILLS Group reviewed the Comprehensive Annual Financial Report (CAFR). Clarification of the operating grants and capital grants was requested (pg 65-66). TIF bonds are not counted against the City or Arden Hills residents. G.O. Bonds count towards debt and is backed by the City and Arden Hills residents. VII. NEXT MEETING AGENDA - August 14, 2007 A. Fund Balance Policy VIII. JOINT MEETING WITH PTRC, EDC AND PLANNING COMMISSION - July 17, 2007 Cummings Park Pavilion 6:00 p.m. Dinner - meeting to follow IX. ADJOURN Motioned: Jeff Johnson Seconded: Maurice Gieske ~~ ~~~ Scott Bronson, Chair Susan K. Iverson, Finance Director City of Arden Hills