2021.08.24 CC Minutes - Laserfiche WebLink

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August 24,2021 Page 7 of 10 Council. Interim Finance Director Foschi stated in an effort to keep the Council informed on the City's fiscal condition, a comparison of the 2021 revenues and expenditures for the period ending June 30, 2021 (unaudited) is shown below. 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 programs are not shown as these expenditures are specifically tied to pre-funded asset replacement funds. These replacement funds are not susceptible to year-to-year fluctuations and therefore annual reviews are considered sufficient. The information is presented on a modified cash basis accounting method, which measures only the actual revenues that become available and measurable, and expenditures are recognized in the period the liability is incurred. It should be noted that many of the City's revenue streams such as property taxes are non-recurring 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 commented further General Fund revenues and expenditures for the second quarter interim financials and recommended approval. Councilmember Axberg asked if staff had any concerns with the budgeted items. City Manager Massopust stated his only concern was that charges for services for recreational services were coming in as projected. He noted all other items within the budget were coming in as expected. Mayor Niedfeldt-Thomas stated as the pandemic continues,she questioned how staff believed the 2021 budget would come in. City Manager Massopust commented further on year to date actuals within the budget and noted how revenues were being impacted by COVID. Mayor Niedfeldt-Thomas inquired if the staffing model for 2022 would look like 2021 or 2019. City Manager Massopust reported staffing levels would remain as is. Motion by Councilmember Dunsworth seconded by Councilmember Allen to accept the Second Quarter 2021 Interim Financial Statements. 5 Ayes,0 Nays-Motion Carried 3.Consider a Resolution 3. Consider a Resolution Authorizing Early Decertification of 111-, District No.29—BCPII Authorizing Early South(Soo Line). Decertification of TlF District No.29—BCPII South(Soo Line). City Manager Massopust indicated Interim Finance Director Foschi would be presenting this item to the Council. Interim Finance Director Foschi stated this redevelopment district no longer has any outstanding debt obligations and is recommended to be decertified. Staff reviewed before and after photos with the Council and recommended approval of the early decertification. Councilmember Dunsworth stated every dollar counts and she was pleased to see this TIF District had performed so well. Councilmember Allen agreed stating the return on investment for this'111,District was very well done. He commented the increase in market values for properties in New Brighton was greatly assisting in paying off debt. Motion by Councilmember Dunsworth,seconded by Councilmember Abdulle to adopt a Resolution authorizing early decertification of TIF District No.29—BCPII South(Soo Line).