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2006_0508_Packet_a
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2006_0508_Packet_a
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City Council Regular Meeting— 04/24/06 <br />DRAFT Minutes - Page 40 <br />overall spending targets and budget priorities; followed by <br />individual departments. Councilmember Ihlan suggested that <br />less time be spent on departments making formal presentations, <br />with the information provided to Councilmembers in advance for <br />their review, followed by Council meeting time allowed for <br />Council questions and additional information requested as <br />needed of specific Department Heads. Councilmember Ihlan <br />also noted her support for researching issues and studying the <br />reserve fi�nds; budget controls; and ongoing debate of items (i.�., <br />line item versus �'und). <br />Councilmember Pust requested staff comment and monitoring of <br />School Board discussions for Council information to balance <br />impacts of city and school tax levy increases. <br />Mayor K�ausing requested that staff return with an inflationary <br />factor increase, estimated at 3.5%. <br />Discussion included the 2006 budget process and perceived <br />flaws in that process; inflation factors and index schedules used <br />(i.e., CPI versus cost-of-government indexes); long-term <br />planning and assessment plans to establish long-term community <br />success; and the need for getting back to an inflation-rate levy <br />increase, given the corrections made in the past several years to <br />get back on track, with emphasis on long-term planning and <br />capital improvements. <br />Mr. Miller suggested new initiatives (i.e., housing) be above and <br />beyond the basic long-term planning to situate the community <br />for success for the duration. <br />14. Consider Conducting a Bond Rating and Reserve Fund <br />Assessment <br />Mr. Miller reviewed the City's current bond rating of Aal from <br />Moody's and AA from Standard & Poor; with both ratings one <br />step below the top rate, placing the City in the top 6% nationally <br />for all municipalities. Mr. Miller reviewed the rationale for <br />maintaining a strong bond rating related to issuing bonds and <br />favorable interest rates, resulting in lower debt payments and <br />lower property taxes. Mr. Miller noted that with the Twin Lak��. <br />development, the City was poised to issue approximately $24 <br />Consider <br />Conducting a Bond <br />Rating and Reserve <br />Fund Assessment <br />
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