2018.06.12 CC - Laserfiche WebLink

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May 22, 2018 Page 4 of 8 City Manager Lotter indicated Finance Director Davitt would be presenting this item to the Council. Finance Director Davitt explained preparation of the City’s Comprehensive Annual Financial Report (CAFR) for the year ending December 31, 2017, has been completed. BerganKDV, our independent auditing firm, has completed their audit of our accounting records and financial statements. They have issued an unqualified, or clean opinion that our financial statements are presented fairly in all material respects. The auditors also have issued a Communications Letter and their Reports on Compliance with Government Auditing Standards and Legal Compliance. Staff commented further on the General Fund noting the positive and negative impacts from the previous year. She explained the City currently had a 44.67% fund balance. The balance of the City’s utility funds was reviewed in detail with the Council. Matt Mayer, BerganKDV, provided further comment on the City’s 2017 audit and noting this report was based on the results of an audit performed in accordance with Government Auditing Standards. He commended the City on their strong financial position stating revenues were slightly higher than anticipated. He commented on the City’s fund balance and tax capacity. He discussed how the City has worked to pay down its outstanding debt and commended the Council for their efforts. Mayor Johnson thanked staff and Mr. Mayer for their thorough presentations. Councilmember Burg thanked City Manager Lotter for leading the City in the right direction over the past 10 years. She described how the Council was working to save funds to allow the City to pay as they go versus taking out debt. Mayor Johnson asked if water expenses would go up in 2019 when the City switches back to New Brighton water. City Manager Lotter reported any expenses to operate the water treatment plan would be covered by Army settlement funds. Councilmember Jacobsen thanked staff for the presentation and stated he was proud of the fact the City has worked so diligently to reduce its outstanding debt. He thanked staff for all of their efforts. Councilmember Allen thanked City Manager Lotter and Finance Director Davitt for their great work on behalf of the community. Mayor Johnson commended the entire Finance Department for all of their hard work. 5 Ayes, 0 Nays-Motion Carried 2. Consideration of Bids and Award of Contract for City Project 18-1, 2018 Street Rehabilitation. Motion by Councilmember Dunsworth, seconded by Councilmember Jacobsen to accept all bids and adopt a Resolution awarding a contract for City Project 18-1, 2018 Street Rehabilitation to the lowest responsible bidder, Northdale Construction Company, Inc., in the amount of $2,632,071.21. City Manager Lotter indicated Community Assets and Development Director Schlichting would be presenting this item to the Council. Community Assets and Development Director Schlichting explained this project consists of the reconstruction of approximately 1.85 miles of residential streets by the removal of the existing bituminous surfacing, removal and replacement of broken or settled sections of concrete curb and gutter, storm sewer construction, watermain and hydrant replacement, street excavation and grading, aggregate base, bituminous surfacing, and boulevard repair improvements on the following streets: Pike Lake Drive - 14th Street NW to Thorndale Avenue Highview Drive - Pike Lake Drive to 13th Street NW Thorndale Avenue - Pike Lake Drive to Robin Lane 2. Consideration of Bids and Award of Contract for City Project 18-1, 2018 Street Rehabilitation.