CC_Minutes_2007_0423 - Laserfiche WebLink

Home

Regular City Council Meeting Minutes Monday, April 23, 2007 Page 35 Councilmember Roe suggested that this may not be the type of analy- sis staff was asked to perform, and suggested that it may be more ap- propriate, and included as a requirement for development, that the de- veloper bear the cost of such analysis, similar to traffic analyses and other studies during the process. Councilmember Roe suggested that this language be incorporated into a policy for capital improvement projects or the process for bringing forward development or redevel- opment projects in Roseville. Debt Policv Finance Director Miller reviewed proposed language revisions. Discussion ensued regarding the City's existing bond rating: AAl (Moody's) and AA (Standard and Poor's), within the top six percent for all Minnesota municipalities; with Councilmembers concurring that they wanted to, at a minimum, maintain that rating. Further discussion included how to achieve a higher rating (three years of steady and regular improvements in the City's overall fi- nances and requesting a review from the rating agencies); and benefits or advantages in seeking a higher rating, or whether the cost of achieving a higher rating exceeded the speculative benefit of dimin- ishing returns; with potential for residual impacts on Roseville resi- dents. Councilmember Roe questioned differences in "long-term" and "short-term" debt as noted on page 6, line 194. After some discus- sion, it was Council consensus to delete "long-term" from line 194, so the statement read: "The City shall not use debt for current opera- tions." Councilmember Ihlan opined her support for amended language. Revenue Policv Finance Director Miller reviewed comments regarding funding flow- ing to programs and services based on the City's goals, objectives, and priorities, rather than by a pre-determined formula.