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Ii%BMROf <br />CiTON <br />the city that works for you <br />Council Worksession <br />May 9, 2017 <br />5:00 pm <br />Present: Mayor Valerie Johnson <br />Councilmember Brian Strub <br />Councilmember Paul Jacobsen <br />Councilmember Mary Burg <br />Absent: Councilmember Gina Bauman <br />Staff in Attendance: Dean Lotter, Brenda Davitt <br />Guests in Attendance: Caroline Stutsman, BerganKDV <br />Discussion ensued regarding upcoming worksession meeting topics. <br />2016 Annual Financial Report Presentation <br />Lotter stated Finance Director Davitt and Caroline Stutsman with BerganKDV were present to discuss the <br />City's 2016 financial reports. He anticipated the Council would want to address its fund balance policy at a <br />future worksession meeting. <br />Carolina Stutsman, BerganKDV, thanked the Council for their time. She then reviewed the 2016 financials in <br />detail and was pleased to report the City received a clean or unmodified opinion from their most recent audit. <br />She commended the Council and staff on their financial efforts. She commented on the 2016 budget along <br />with actual revenues and expenditures noting areas where there were variances. She discussed the amount of <br />debt the City had and then reviewed the balances within the City's enterprise funds. <br />Mayor Johnson was pleased to see that property taxes were in line with historical averages over the last 10 <br />years. <br />Councilmember Burg believed it was important to drive this issue home for residents. <br />Councilmember Jacobsen indicated property tax revenue was the most stable type of revenue available to the <br />City. <br />Lotter discussed the City's tax capacity and tax rate compared to property taxes. He noted staff was working <br />to complete a compensation study in order for this information to be incorporated in the 2018 budget. He <br />commented on the benefits of the City's TIT districts decertifying. <br />Councilmember Jacobsen anticipated that after 2017 the City's bond rating would be improved. Davitt <br />explained that once a shift is made in the debt repayment the City would see an improvement. She provided <br />further comment on how the City's bond rating was established by Standard & Poor's. She reported the <br />Council was making wise decisions and the City was on the right path. <br />