2022.08.23 CC Packet - Laserfiche WebLink

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July 26, 2022 Page 3 of 4 quarter, as well as the balances within the City’s utility funds. Cash flow projections for the remainder of the year were reviewed. Staff commented further on the financials and asked for comments or questions. Mayor Niedfeldt-Thomas asked if the inspection fees with the City of St. Anthony were now complete. Finance Director Foschi reported this was the case noting the City was not taking on any new inspection services with St. Anthony. Councilmember Axberg questioned if ARPA funds could be used for sewer infrastructure improvements. City Manager Massopust reported ARPA funding were not designated for sewer improvements at this time. Councilmember Axberg thanked staff for providing the Council with more detailed information on the Community Reinvestment Fund cash flow projections. Mayor Niedfeldt-Thomas inquired if the Midtown Village costs concluded this year. Finance Director Foschi reported this was the case. Councilmember Abdulle requested further information regarding the unrealized gain/loss and asked if this was for one quarter. Finance Director Foschi stated this was a year to date loss. Councilmember Abdulle questioned what the unrealized losses have been over the past two years. Finance Director Foschi explained she did not have these numbers in front of her but understood the number has decreased significantly because of the market. She reported an unrealized loss would not be recognized unless the City were to sell its assets prior to maturity. She indicated these losses would not be realized if the City sticks to its current financial plan. Mayor Niedfeldt-Thomas requested further information regarding the revenues coming from the license bureau. Finance Director Foschi discussed the revenues from the license bureau over the past two months noting these were the first two months that the license bureau has been bringing in revenues. Mayor Niedfeldt-Thomas questioned how the Council will see the affordable housing study and climate action plan funding in the future. City Manager Massopust stated the climate action plan and recommendations from that plan and its funding would be determined by the recommendations within the plan. He anticipated some sort of levy component would be tied to this. He commented further on the affordable housing study noting this project would be funded through excess TIF revenue and would have its own fund. Motion by Councilmember Abdulle, seconded by Councilmember Allen to accept the Second Quarter 2022 Financial Report. A roll call vote was taken. 5 Ayes, 0 Nays-Motion Carried Commission Liaison Reports, Announcements and Updates Devin Massopust City Manager Massopust reported National Night Out would be held on Tuesday, August 2. He encouraged all Councilmembers wishing to participate in National Night Out to be at the Public Safety Department by 5:15 p.m. He noted a handout has been created for the City Council to assist with engaging the public. He explained Ramsey County Attorney John Choi has released a public data interface with different dashboards that provide insight into crime and charges within Ramsey County. He encouraged the Council to review this information. He reminded the Council that they would be holding a 2023 budget worksession meeting on Wednesday, July 27 at the Community Center. Graeme Allen Councilmember Allen reported the Public Safety Commission would meet next on Monday, August 8 at 6:30 p.m. Commission Liaison Reports, Announcements and Updates