2015.07.28 CC Minutes - Laserfiche WebLink

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July 28, 2015 Page 3 of 7 6. Consideration of Change Order 2, City Project 15-1,2015 Street Rehabilitation. Consideration of Petition for Sound Wall on I -35W North 8. Consideration of Request for Exemption from Lawful Gambling License — New Brighton/Mounds View Rotary Club. Motion by Councilmember Burg, seconded by Councilmember Jacobsen to approve the Consent Agenda as presented. Councilmember Bauman thanked Tom Massell for working so diligently on the petition for the Sound Wall for I-35 W North She thanked the Irondale Senior Party for their generous $100 donation. She indicated that there was one item on the Consent Agenda that she did not support and would therefore be voting in opposition. 4 Ayes,1 Nay (Bauman) - Motion Carried Public Hearing None Council Business 1. Consideration of Acceptance of Interim Financial Statements for the Second Quarter of 2015. City Manager Lotter indicated Finance Director Davitt would be presenting this item to the Council. Finance Director Davitt exlmlained in an effort to keep the Council informed on the City's financial condition, a comparison of the 2015 revenues and expendit>.11es for the period ending June 30, 2015 (unaudited). It was noted the comparison shown includes those programs and services that constitute the City's core functions for which changes in financial trends can have a near-term impact on the ability to maintain current service levels. Programs such as debt service and tax increment financing which are governed by pre-existing obligations and restricted revenues are not shown. In addition, expenditures in the City's Fleet and Non -Fleet program are not shown as these expenditures are specifically tied to pre -funded asset replacement funds. These replacements are not susceptible to year-to-year fluctuations and therefore annual reviews are considered sufficient The information presented was strictly on a cash basis, which measures only the actual revenues that have been deposited and the actual expunditure~s that have been paid. This is in contrast with the City's audited year-end financial report which attempts to measure revenues earned but not collected, as well as costs incurred but not yet paid. It should be noted that many of the City's revenue streams such as property taxes, are non-recul-ring or are received intermittently throughout the year. This can result in wide revenue fluctuations from month to month In addition, some of the City's expenditures such as new capital purchases are also non-recurring and subject to wide fluctuations. To accommodate these differences, a comparison is made to historical results to identify whether any new trends exist. Staff provided an overview on the City's various fund balances and requested the Council accept the Second Quarter 2015 Interim Financial Statements. Motion by Councilmember Burg, seconded by Councilmember Strub to accept the Second Quarter 2015 Interim Fl nancial Statements. 5 Ayes, 0 Nays -Motion Carried 6. Change Order 2, City Project 15-1. 7. Petition for Sound Wall on I -35W North. 8. Exmpt Lawful Gmbl. Lic.— NB/ Mounds View Rotary Club. Public Hearing Council Business 1. Consideration of Acceptance of Interim Financial Statements for the Second Quarter of 2015.