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<br /> <br />reduction in LGA has impacted New Brighton. <br /> <br />Councilmember Allen reported the LMC supports LGA being provided to cities. <br /> <br />Councilmember Dunsworth stated LGA was not something the City could count on annually because it was <br />determined yearly by the legislature. Instead, the Council has opted to pay down external debt and has been put <br />towards streets. Foschi discussed how the LGA funds was assisting with funding street programs. <br /> <br />Foschi commented on the City’s debt-free streets program and reported the Council’s informal commitment <br />began in 2015 with the hope of ending external financing of street projects by 2025. She reported this program <br />eliminates debt issuance costs, provides greater financial flexibility and pays interest to the City for financing <br />future programs. She indicated the City was on track to achieve this goal noting the final debt issuance was <br />planned for 2024. <br /> <br />Massopust stated the City Council has had a strong commitment to debt free streets and he commended the <br />Council for their efforts on this program. <br /> <br />Councilmember Dunsworth stated she was proud of the Council’s commitment to this program, noting this <br />program was a driver for the City’s budget. <br /> <br />Further discussion ensued regarding the timeline for the City’s debt free streets program. <br /> <br />Mayor Niedfeldt-Thomas supported the Council passing a formal Resolution regarding the City’s commitment <br />to debt free streets by 2025. <br /> <br />Foschi reported on the City’s commitment to non-tax revenues reporting the Council had an informal <br />commitment that the non-tax revenues for the City will be equal to or greater than 40% of the General Fund <br />expenditures. The challenges the City faces were with terminating inspection services for St. Anthony, <br />stagnant franchise fees, and the loss of Sprint tower lease. <br /> <br />Schlichting commented further on the inspection services the City provided to St. Anthony and the staffing <br />challenges the City was facing with providing these services for New Brighton and St. Anthony residents. <br /> <br />Massopust discussed how it has been difficult for the City to keep up its non-property tax revenues given the <br />growing size of the budget. <br /> <br />Further discussion ensued regarding the City’s EV charging station program and the revenue stream that would <br />be generated in the future. <br /> <br />Mayor Niedfeldt-Thomas questioned if the City could add another billboard. Schlichting stated he would love <br />to do this, but there are very few sites that qualify as being billboard ready. <br /> <br />Foschi discussed the Council’s commitment to update and annually assess a 10 year Capital Improvement Plan <br />(CIP). She reported the CIP was a great resource for the City to have on hand for long-term financial planning. <br />She commented on the importance of the City’s bond rating, noting the Council was committed to maintaining <br />a AA bond rating or better. It was noted at this time the City has a AA+ bond rating. <br /> <br />Councilmember Abdulle questioned how much savings the City was receiving in interest from its AA+ bond <br />rating. Massopust reported the interest was significant and adds up over time. He stated he could ask this <br />question of the bond consultants.