HomeMy WebLinkAbout2005 07-28 FCM0 3
Financial Commission
Work Session Meeting Minutes
28 July 2005
1. Call to Order
The meeting was called to order by Chair Escher at 7:00 PM
2. Roll Call
Members Present: Chair Escher, Commissioners Nemec, Paulson, and Anderson.
Commissioner Shogren Smith arrived at 7:10. Commissioner Simons and Council
Memebr Niesen were excused. Commissioner Tweah was absent. Staff present
were City Manager McCauley and Director of Fiscal & Support Services Jordet.
3. Adoption of the Aaenda
Mr. Anderdson proposed and Mr. Nemec seconded a motion to adopt the agenda
as presented. With all voting in favor, the motion was adopted.
4. Minutes
Mr. Anderson proposed and Mr. Paulson seconded a motion to adopt the minutes
of the 16 March 2005 meeting as presented. With all voting in favor, the motion
was adopted.
Mr. Anderson proposed and Mr. Paulson seconded a motion to adopt the minutes
of the City Council as minutes for the Financial Commission regarding the
proceedings of the16 May 2005 joint work session on the 2004 annual financial
report. With all voting in favor, the motion was adopted.
(said City Council minutes are included with the permanent records of the
Financial Commission in the Finance Department)
5. General Update on Development Activities
Mr. McCauley presented information concerning development projects around
the City. The housing project on 57th Avenue across from Northbrook is not
being pursued any further. The "Opportunity Site" plans are moving forward
with the City Council authorizing acquisitions of property. The first two
properties targeted for acquisition are Brookdale Square and Brookdale Ford.
Northbrook Shopping Center has been acquired by eminent domain and will be
demolished in August.
Mr. Anderson and Mr. Escher also updated the Commission on work being done
by the Task Force on the Opportunity Site. Mr. McCauley suggested that the
Task Force may be asked to expand their vision and efforts to the Northbrook
site.
6. Leaislative Imoacts on Citv from 2005 Sessions
Mr. McCauley reviewed several pieces of legislation adopted during the 2005
session and their impact on the City of Brooklyn Center. Special TIF legislation
was adopted to allow expenditure of cash proceeds. The recalculation of LGA
distribution netted and additional $ 121,000 for Brooklyn Center. PERA pension
rates will increase for both employer and employee contributions having a long
term affect in excess of $ 25,000 per year.
7. Review of Final 2004 CAFR
Mr. Jordet reviewed the final copy of the Comprehensive Annual Financial
Statement for the year ended 31 December 2004. By means of the Audit
Management letter the highlights of the City's financial condition were pointed
out to the Commission.
8. Review of Budget Process
Mr. McCauley distributed a handout reviewing the process for the development,
discussion and adoption of the annual budget by the City of Brooklyn Center.
9. Other Business
Ms. Niesen, through Mr. Escher, asked that the table of contents for the Financial
Policies be made more complete and more useful. Staff took note of the request
and will improve the table with the 2006 edition.
10. Adiournment
With no other business to transact, the meeting adjourned at 8:17 PM.
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