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HomeMy WebLinkAbout2004 09-09 FCAAGENDA Brooklyn Center Financial Commission Thursday, 9 September 2004 7:00 PM City Council Chambers - Please note location change I. Call to Order II. Roll Call III. Approval of Agenda • IV. Meeting Minutes 15 July 2004 -tom trst-2064 V. Fund Balance and Reserve Policy VI. Proposed Tax Increment Financing Bond Sale for TIF District # 3 VII. Reports VIII. Other Business DC. Adjournment 0 • Financial Commission Regular Meeting Minutes 15 July 2004 1. Call to Order The meeting was called to order at 7:00 PM 2. Roll Call Members Present: Chair Escher and Commissioners Elftmann, Nemec, Shogren- Smith, Peterson and Councilmember Carmody. Commissioner Hruska was excused. Others Present: City Manager McCauley and Director of Fiscal & Support Services Jordet David Mol, Partner with the accounting firm of HLB Tautges Redpath, LLC was present as an invited guest. • 3. Agenda Mr. Elftmann proposed and Mr. Nemec seconded a motion to adopt the agenda. With all voting in favor, the motion was adopted. 4. Minutes Mr. Peterson proposed and Mr. Elftmann seconded a motion adopting the minutes of the 29 April 2004 meeting as presented. With all voting in favor, the motion was adopted. 5. Comprehensive Annual Financial Report Mr. McCauley introduced Mr. Mol. Mr. Mol reviewed the presentation made to the City Council about the Comprehensive Annual Financial Report for the year ended 31 December 2003. Highlights of the review included an explanation of the changes required by GASB 34, a clean statement of legal compliance with State of Minnesota requirements (meaning there were not reportable conditions or situations found), a clean report on internal control practices and procedures, a summary statement of all funds activities showing total net assets of just over • 1 • 8. RFP for Financial Advisor Mr. Elftmann and Ms. Shogren-Smith were volunteered to participate in the interview process for the Financial Advisor process. 9. Reports Robert Milne has resigned from the Financial Commission. Applications wil be taken through 28 July 2004 and the Council will appoint a replacement as soon after the closing as is practicable. Sharon Kutzke, Staff Accountant for the past five years, has been appointed Assistant Finance Director. A search for a replacement Accountant is underway. 10.Other Business Chair Escher requested that the Financial Policies packet be finished and distributed. 11.Adjournment Mr. Nemec proposed and Mr. Elftmann seconded adjournment of the meeting. Chair Escher adjourned the meting at 8:48 PM. Donn Escher, Chairperson ATTEST: Daniel Jordet, Director of F & SS • 3 OI Financial Commission Work Session Meeting Minutes 16 August 2004 1. Call to Order The meeting was called to order by Chair Escher at 6:30 PM (This is a joint work session with the Brooklyn Center City Council) 2. Roll Call Members Present: Chair Escher, Commissioners Hruska, Elftman, and Nemec. Others Present: City Manager Michael McCauley, Assistant City Manager Curt Boganey 3. Budget Review The attached minutes of the City Council Joint Work Session will serve as record • of the proceedings for the Financial Commission as well. 4. Adjournment The work session meeting adjourned at 8:10 PM. • • Mr.McCauley requested direction as to what number should be proposed for the preliminary levy on September 13, 2004. Councilmember Carmody expressed that she believes the Council needs to make a decision if the Council would like to budget any money for REACH. Councilmember Niesen questioned if the City had to switch to the 800 mhz for police and fire and if that would be a one-time expense. Mr.McCauley discussed that the City does have to switch to 800 mhz and that there will be grant monies that will need to be matched along with some on-going capital costs. Plus, there is a continuing cost to Hennepin County for participation in the annual metro radio system. Councilmember Carmody informed that she has a concern with the repair and replacement of buildings and the need for funding for this purpose. Financial Commission Chair Donn Escher expressed that he would like the Council to consider a three percent General Fund Levy increase plus full replacement of lost LGA. Mayor Kragness asked that each member present indicate what alternate for consideration should move forward for the September 13, 2004,preliminary adoption. It was the consensus of those present that the preliminary General Fund levy increase be proposed at • three percent plus full replacement of lost LGA($335,033)which results in a 5.08 percent increase in all taxes levied by the City and HRA. Councilmember Carmody expressed that she would still like to consider a budget for REACH. Mr. McCauley suggested that the Council continue discussion regarding REACH at the next Work Session. MISCELLANEOUS Mr. Escher questioned if the Financial Commission would need to meet other than the scheduled joint meetings with the City Council. Mr.McCauley suggested that the Financial Commission might wish to meet to discuss the fund balance. Mr. Escher suggested September 9, 2004, 7:00 p.m. ADJOURNMENT A motion by Councilmember Carmody, seconded by Councilmember Niesen to adjourn the Work Session at 8:10 p.m. Motion passed unanimously. City Clerk Mayor 7 • To: Financial Commission From: Michael J. McCauley City Manager Date: August 27, 2004 Re: Fund Balance Policy The Audit Management letter recommended that the City review its current General Fund balance reserve needs. Those recommendations were contained on pages 15-17 of the Audit Management Letter and are attached. The impetus for the recommendation was the description on page 16 of the Audit Management Letter of several reasons for reserves: 1. Cash flow timing difference 2. Intergovernmental Revenue Cutbacks 3. Emergency or unanticipated expenditures 4. Special projects • 5. Capital Outlay replacement Cash Flow The current reserve policy for the General Fund establishes a requirement level of 45% of the current year's operating budget (total budget — debt service). The reserve policy also provides that only 50% of the excess fund balance above the 45% balance may be transferred in a year. The result of that policy in 2003 is that the City had a General Fund balance of$8,017,080 when the year ended. The policy would require a fund balance of $6,136,151 (see page 15 of the Audit Management Letter). The difference between the ending 2003 General Fund balance and the amount required by the policy is $1,880,929. $940,464 of that difference may be transferred in 2004. Typically those transfers are directed to capital undertakings, primarily street reconstruction and the Capital Projects Fund. The need to fund technology infrastructure has been added as a target for transfers. Going into 2004: 2004 General Fund Budget $12,982,258 General Fund Balance 8,017,080 Coverage: 61.8% Amount available for transfer from fund balance $8,017,080 less 6,136,151 (45% of 2004 General Fund budget) • $1,880,929 9 • 4. Special Projects Retaining fund balance for special projects is similar to capital outlay replacement in that, I would suggest budgeting in the specific funds is more appropriate. Special projects in the General Fund would likely not exceed $100,000 in any given year. Other types of special projects would be more likely to relate to capital projects and be funded in the appropriate capital project fund or enterprise fund. 5. Capital Outlay Replacement We have separate funds for capital outlay replacement. The Central garage funds moving capital equipment and is fully funded for the most part. The exception would be whether there is adequate funding for the full cost of fire truck replacement. Park improvements and general capital improvements and equipment are funded in the Capital Project Fund. Last year a technology fund was created. We are not providing a replacement funding in the Capital Project Fund for major General Fund supported building components and the technology fund is in its infancy. Keeping monies in the General Fund balance for capital outlay replacement would not be the best place to identify funds for future use and would trigger the Auditor's excess balance opinion. I would suggest that our current practice of identifying specific funds and plans within those funds is a better way to deal with capital outlay replacement. If we carry fund balance for that purpose in the General Fund budget, we would in effect budget expenditures above revenues which would in itself violate other City budget policies that require expenditures and revenues to balance in the budget• document. OPTIONS 1. Retain current policy. 2. Raise the target to 50—52%to provide 1/2 year coverage on December 31 S1 a. Consider revising 50%transfer of excess policy i. Eliminate to allow transfer into various capital funds prior to year end to reduce coverage on December 31" . This reduces misconstruing of City's financial picture as having excess fund balance in General Fund. 3. Consider increasing balance in light of Auditor's letter. a. Issues of how we fund from current budget from accumulated monies. • 11 • City of Brooklyn Center, Minnesota Audit Management Letter General Fund A summary of the benefits of General Fund reserves is illustrated below: • .� „' :.:,G., .L";',f3#>'.Est•.h^�'G�v`.`z_: 'i ""v s S"i.%: .';;:.,.< R Gx, s:R . ,�.f..k...,;£ / £I, *.,; ' y!^R^P'+''wk`'s".'a'•.3o":r.` ^':-km.,.""✓�t.>,kG,...'R`> ...i>>''t; :#s 'Yk.? .vs .s„.„�'. , gip. ::1#'.::<# ' I%�#::'R'''�,' ''.':i ::Y^'k ,.a;%+ .9' r,�.b`x .`,.g..Wig; ,ffixz i:a ',R: <$ � ?s'y L:u, <k£�#si''q�k .,,;q:# #:�.,,.is> � ....#::z...33:,,�..nn3�������: ;.,�G nit�`,''�.'v;. ,;3£,r. .�i`>:{G ,�"!G.e, ..`.na :s:.,#.t •^:.?lr..:�:> »>#9,<is`:X:�a:�iy#$::L. ;::'.��.�v���...�'"`: "'rs"9 GkzF: '.a::"ff:i' •!n v.::#{`"2'R: �:.flA�`G'xr�k'n:,::Y':n' ":£,,:. f •i;�'�:^�. ^#>$i :ia'Y�ii�i`'i:. :: , G:, x a":::�"�+; ::....:::2.... xr ..3I'.`rr ,#..2£..,� v:�'++:#£':;" ;bC::::F.Wkn::::;::,F.v: �`%£ :. ,:..„ >;.,Ni:',:;.::,. ...:G;>.�uY G: / .qq.:ox ! .•.:... ;:.w'um< :::G:;;.. .'u7Rjrw /L': ..''::G'+°/':j':i aK{�hk ::.,>;;:.: tc k;�.G'+k..::.4`%.k/' oH'£,� .:3a:;:.�,�,,..:..,'##:::+::h�i' ,!.;�„ .............. ;.� :, #GAG£ 4 ::,$.:;�;:£»:. 5..6 3' Favorable bond rating '' '`' .;>.{h. "; # :<::;}' Supplements revenues indicator P"° 'Ea:•',":$1• <}:;::::>::#£: ;^ :; <..»2.;>. # with investment income t;;j, Provides resources for < . Avoids temporary minor projects or overdrafts prior to major ., feasibility reports receipts 4 z 3 y ii 1. 6 '. , . s alliPlikiE ,alb ...... gar 41 kr Provides.the D:°%:"{ Y 5 s Avoids overburdening. '" ^ ofannualbud etsforgreater optons t 9?^� :" certainca ital outla4 with unexpected y P Y £krm 8'.�\�� J>3#a. .R... ..... ,.n ......» .......,...,...»,,,.;...<G3:L,;,3ak:L,:kr.:r:,xo,:ozos.Lv£ek:::::Rek<,....,.w.:..v..:...�•4 • 410 13 17 CA • V ■ aagwenoN aagopp aagwe des Co ;sn6nv N 4D AInr • aunt CO .0 I!Jdd yaaew V £ienigu /Cienuer aagweoe • V, CD to to to to Suo!II!IW 15 • To: Financial Commission From: Michael J. McCaule City Manager Date: August 27, 2004 Re: TIF Bond Sale The City Council will be asked to continue with the redevelopment planning for TIF District # 3 by issuing Tax Increment revenue bonds sometime in November. The City Council has been reviewing redevelopment activities that could be undertaken in TIF District #3. We had sought special legislation in this past legislative session that would have extended the period of time within which we could incur obligations in this district. Our ability to undertake new projects will expire at the beginning of 2005. By issuing bonds, the Economic Development Authority will have 3 years form the date of issuance to expend the bond proceeds. This also requires us to identify a group of projects that will use all of the proceeds. • Attached are some materials that outline the general areas that are being targeted for potential redevelopment and the range of bond issue size. On September 9th, staff will provide an overview of the process and potential to update the Commission. • 17 • • � Cl) U CZt O 43 14 0 u U .,_ O _4_4 a.) :—., a) .2 'e:, cn ,--- • E E Ell C:1 el • O W PO ,_. ;--1 () . 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BROOKLYN CENTER FINANCIAL COMMISSION Chairperson and six members Ill (revised August 2004) Donn Escher, Chairperson Mark Nemec 3107 65th Avenue North 5538 Camden Avenue North Brooklyn Center, MN 55429 Brooklyn Center, MN 55430 nickie73@comcast.net Mark.Nemec@State.MN.US (763) 561-4533 (763) 566-1415 (h); (651) 556-6788 Appointed: 7/13/92 Appointed: 6/14/99 Appointed Chair: 8/17/92 Term expires: 12/31/06 Term expires: 12/31/05 Lawrence Peterson Timothy Elftmann 5830 June Avenue North 5301 Howe Lane Brooklyn Center, MN 55429 Brooklyn Center, MN 55429 Ieterson@strategicequipment.com TElftmann@Compuserve.com (763) 537-7022 (h); (612) 871-2727 (w) (763) 537-2279 Appointed: 10/25/93 Appointed: 7/13/98 Term expires: 12/31/04 Term expires: 12/31/05 Susan Shogren Smith Jay Hruska, Vice Chairperson 600 62nd Avenue North • 5012 North Lilac Drive Brooklyn Center, MN 55430 Brooklyn Center, MN 55429 sssmith2@stthomas.edu jhruska@visi.com (612) 812-8160 (763) 535-4637 Appointed: 1/26/04 Appointed: 3/13/95 Term expires: 12/31/05 Term expires: 12/31/04 Earl Simons 7201 Knox Avenue North Brooklyn Center, MN 55430 Earlsimons33@ (763) 561-2963 Appointed: 8/23/04 Term expires: 12/31/05 2004 City Council Liaison Kathleen Carmody (h) (763) 566-3114 council membercarmodyci.brooklyn-center.mn.us City Manager Michael McCauley (w) (763) 569-3309 mmccauley@ci.brooklyn-center.mn.us Director of Fiscal and Support Services Daniel Jordet (w) (763) 569-3345 • djordet@ ci.brooklyn-center.mn.us [September 2, 2004] BROOKLYN CENTER FINANCIAL COMMISSION Chairperson and six members III (revised August 2004) Donn Escher, Chairperson Mark Nemec 3107 65th Avenue North 5538 Camden Avenue North Brooklyn Center, MN 55429 Brooklyn Center, MN 55430 nickie73@comcast.net Mark.Nemec@State.MN.US L VI (763) 561-4533 (763) 566-1415 (h); (651) 556-6788 Appointed: 7/13/92 Appointed: 6/14/99 Appointed Chair: 8/17/92 Term expires: 12/31/06 Term expires: 12/31/05 Lawrence Peterson Timothy Elftmann 5830 June Avenue North 5301 Howe Lane v Brooklyn Center, MN 55429 Brooklyn Center, MN 55429 Ieterson@strategicequipment.com TElftmann@Compuserve.com (763) 537-7022 (h); (612) 871-2727 (w) (763) 537-2279 Appointed: 10/25/93 Appointed: 7/13/98 Term expires: 12/31/04 Term expires: 12/31/05 Susan Shogren Smith Jay Hruska, Vice Chairperson 600 62nd Avenue North !_ 5012 North Lilac Driveiyi Brooklyn Center, MN 55430 Brooklyn Center, MN 55429 sssmith2@stthomas.edu jhruska@visi.com (612) 812-8160 (763) 535-4637 Appointed: 1/26/04 Appointed: 3/13/95 Term expires: 12/31/05 Term expires: 12/31/04 Earl Simons _ 7201 Knox Avenue North L___ Brooklyn Center, MN 55430 Earlsimons33@ lakna>-04u- (763) 561-2963 Appointed: 8/23/04 Term expires: 12/31/05 LV l 2004 City Council Liaison Kathleen Carmody (h) (763) 566-3114 councilmembercarmody(-aci.brooklyn-center.mn.us itlj City Manager Michael McCauley (w) (763) 569-3309 mmccauley@ ci.brooklyn-center.mn.us Director of Fiscal and Support Services Daniel Jordet (w) (763) 569-3345 • djordet@ci.brooklyn-center.mn.us [September 2, 2004]