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Mr. Magnuson asked the council if they would like to receive copies of state statutes in the future when being asked to make decisions based on references to same by others. The unanimous opinion is that our policy in the future should be to include copies of all referenced state statutes when considering requests that reference same. Motion by Bosak, Second by Schilling to accept the December Treasurer's Reports as prepared by Cobian which indicate balances in the General Fund of $89,434.05, in the Sewer Fund of $44,006.71, in the Capital Projects Fund of $9,145.92, and in the Gem Lake Bond Debt Service Fund of $65,365.24 were unanimously approved. Payment of bills totaling $31,024.16 was unanimously approved. Following discussion, Motion by Watson, Second by Bosak to transfer nineteen -thousand four -hundred twenty-nine and 72/100 ($19,429.72) dollars from the sewer investment fund to the Capital Projects Fund to provide adequate funds to make final payment of $27,271.14 to BelAir Excavating for Public Improvement Project 2004-01 and a small transfer to the General Fund for expenses incurred was unanimously approved. Following payments, the Capital Funds Account shall be brought to a zero ($0) dollar balance and shall remain at said balance for a period of not less than two bank statement periods. Subsequently, the Clerk shall transfer such funds as may be necessary to fund current capital projects feasability studies and to reimburse the general fund for expenses already incurred and paid. Magnuson then presented the final report of2004 from Ramsey County on estimated property values for the county, including Gem Lake. Magnuson indicated this report would be valuable as we consider the impact on property values of future requests for higher density, lower value homes in the area. Mr. Magnuson indicated he had also provided a copy for Mr. Hoeschler. The next meeting ofthe Gem Lake City Council is scheduled for 21 February 2006, as the third Monday of February is a Federal Holiday. Magnuson indicated he will publish the entire calendar as soon as possible. There being no further business, Motion by Bosak, Second by Schilling to adjourn at 8:58 PM was unanimously approved. AUTHORED: 20 January 2006 APPROVED: 21 February 2006 ATTEST: r J� Frederic C. N., on City Clerk 1J ATTEST: �� 'Ooz Luvwl— Paul R. Emeott Mayor eflle: minutes/2006/191janm2006.wpd Page 2 of 7