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Home My WebLink About11/14/1995 TENTATIVE AGENDA SHAKOPEE, MINNESOTA COMMITTEE OF THE WHOLE NOVEMBER 14, 1995 LOCATION: City Hall, 129 Holmes Street South Mayor Gary Laurent presiding 1] Roll Call at 5:00 P.M. 2] Approval of Minutes of October 23rd and 24th, 1995 3] Enterprise Funds -budget and fees 4] Investment Policy 5] Other business 6] Adjourn TENTATIVE AGENDA SHAKOPEE CITY COUNCIL ADJ.REG.SESSION NOVEMBER 14, 1995 1] Roll Call following the Committee of the Whole 2] Other business: 3] Recess for an executive session to discuss matters permitted under attorney-client privilege 4] Re-convene 5] Adjourn to Tuesday,November 21, 1995 at 7:00 P.M. Dennis R. Kraft City Administrator OFFICIAL PROCEEDINGS OF THE CITY COUNCIL SHAKOPEE, MINNESOTA COMMITTEE OF THE WHOLE OCTOBER 23 , 1995 Joint meeting with ISD 720 School Board in the School Board meeting room. The meeting commenced at 5: 32 P.M. with a welcome by Mr. Larson. Present: Councilmembers: Brekke, Beard, Sweeney, Lynch and Mayor Laurent; School Board Members: Ron Larson, School Board Chair, Robyn Wolfe, Janet Wendt, Kathy Busch, Jessica Geis, Bob Techam, and Steve Schneider. Also present: City staff: Dennis R. Kraft, City Administrator; Barry Stock, Asst. City Administrator; Judith S. Cox, City Clerk; and Paul Bilotta, Planning Director. School staff: Bob Ostlund, Superintendent; Ron Ward, Director of Administrative Services; Bob Martin, Director of Business Affairs and Lori Manske, Communications Coordinator. Mr. Bilotta gave an overview on the location of projected growth based upon availability of sanitary sewer for properties within the Metropolitan Urban Service Area (MUSA) for residential, commercial and industrial properties. He stated that within the next five years residential growth will be in the area North of the Southerly Bypass and East of Marschall Road, South of the Bypass, and possibly in the area East of Deans Lake. Mr. Bilotta explained that the Rahr Sewer amendment to the City's Comprehensive Development Plan was just approved and that he hoped that by freeing up the Rahr sewer capacity sewer capacity would be available to other areas within the City. He also hopes that the City' s Comprehensive Development Plan will receive approval by the end of the year. Mr. Ostlund stated that future elementary schools may possibly be located to the East of town and also more directly South (the school owns 37± acres at CR78/CR79 . Ms. Wendt mentioned that they can also add onto the junior and senior high sites. Mr. Kraft reviewed the various communications that have occurred over the past two years between City staff and County staff, to. get the traffic speeds near the junior high along Marschall Road reduced. Mr. Ostlund stated that he recently spoke with Mr. Cunningham, County Administrator, and that he was unaware of the previous communications. Mr. Cunningham asked Mr. Ostlund to submit something to him in writing. Discussion followed. Official Proceedings of the October 23 , 1995 Shakopee City Council Page -2- Mr. Stock gave an update on the status of the new civic center. He said that the ice arena is expected to be complete on December 1st. He stated that there has been a good working relationship between the City and the School District over the years regarding the use of each other's facilities. With the construction of the civic center and additional facilities available, he said that staff is working on an agreement to address the sharing of facilities to include the current and the future facilities each government will provide to the other. He said that he hoped that the final document would be ready to go to the Boards in November. Mr. Stock said that he has met with Mr. Greeley so that the City establishes the same rental rates as the school. He said that staff is recommending that the civic center be smoke free inside and out because that is the school policy on school property. He explained that the City' s recreation department is moving to the civic center. Mr. Kraft suggested that it may be beneficial to talk about referenda that the school district may be contemplating in the near future so that the City and School District can do some coordinating. Mr. Larson stated that there will be an operational referenda in the fall of 1997 and possibly another bond issue for construction the following year. Discussion followed. Mr. Larson thanked everyone for attending and adjourned the meeting at 6: 54 p.m.Ck-ux-ik . ,,,, Kudith S. Cox City Clerk Recording Secretary / OFFICIAL PROCEEDINGS OF THE CITY COUNCIL SHAKOPEE, MINNESOTA COMMITTEE OF THE WHOLE OCTOBER 24, 1995 Mayor Laurent called the meeting to order at 5:04 P.M. with Councilmembers Brekke, Beard, Sweeney and Lynch present. Also present: Dennis R. Kraft, City Administrator; Judith S. Cox, City Clerk; Paul Bilotta, Planning Director; Bruce Loney, Public Works Director/City Engineer; and Terrie Thurmer, Assistant City Planner. Gregg Voxland, Finance Director and Dave Nummer, Staff Engineer arrived later on. Brekke/Beard moved to approve the Minutes of September 12, 1995. Motion carried with Cncl.Lynch abstaining. Mr. Bilotta introduced Mr. Bob Paddock and Mr. Don Bluhm, staff from the Metropolitan Council, who will be outlining the Livable Communities Act. Mr. Neil Peterson, member of the Metropolitan Council, was also present. Mr. Paddock explained that the livable communities bill is a compromise of a number of proposals to get livable housing available to citizens. He said that it is an attempt to mesh jobs and housing and to achieve the goals of the Met Council and cities. Mr. Paddock explained the resources that have been identified for communities who participate in the affordable housing program: Local Housing Incentives Account, Tax Base Revitalization Account, and the Livable Communities Demonstration Account. Mr. Paddock explained the benchmarks set by the Met Council and acknowledged that Shakopee is in the ball park on the benchmarks. He explained that by participating in the program, Shakopee would be agreeing to continue to meet the benchmarks: CITY INDEX MET COUNCIL BENCHMARK AFFORDABILITY OWNERSHIP 90% 64-69% RENTAL 53% 32-35% LIFE-CYCLE TYPE(NON-SINGLE 34% 35-38% FAMILY DETACHED) OWNER-RENTER MIX 68/32% (70-75)/ (25-30%)% DENSITY SINGLE-FAMILY DETACHED 2.1/ACRE 1.9-2.3/ACRE MULTIFAMILY 13/ACRE 10-11/ACRE d Official Proceedings of the October 24, 1995 Shakopee City Council Page -2- Discussion followed on the incentives for participating in the livable communities program and the penalties for not participating. Mr. Bloom stated that money levied and spent within Shakopee by the Scott County Housing and Redevelopment Authority can count toward the City's OLHOA (Affordable and Life-Cycle Housing Opportunities) amount. (None required in 1996 and the 1997 estimate is $7,476. ) Sweeney/Beard moved to direct staff to prepare for the next City Council meeting the necessary documents for participation in the livable communities program. Motion carried unanimously. Mr. Mark Huge, Fire Chief, addressed the City Council on the need for a second fire station. He provided history on the fire department since it's creation in 1883 and discussed the needs for an additional fire station. He acknowledged the work of the committee who put together all of the information that he provided the Council on the fire department's needs. He stated that the committee is willing to work with City staff in identifying a specific site for the new fire station. Sweeney/Beard moved to direct staff to review possible sites for a second fire station and come back with a prospective site. (Identified on the map provided as location 2, in the vicinity of Vierling Drive and CR-16. ) Brekke/Sweeney moved to amend the motion to include the site identified as location 1. 1. (Identified on the map provided as location 1. 1, in the vicinity of one mile south of the existing fire station. ) Discussion ensued on the merits of acquiring the second site at this time while property is undeveloped and less costly as opposed to waiting until the need is here. Consensus among Council members was to allow staff to pursue land for both sites (location 1. 1 and location 2) , but that staff need not move as quickly on location 1. 1. Mr. Kraft appraised City Council of the School District's potential referenda in 1997 and 1998 and suggested that any City referendum for the fire station be considered for late spring in 1996. Mr. Voxland outlined the status of the enterprise funds and asked Councilmembers to consider charging a general overhead fee for those funds not now being charged an overhead fee. Councilmembers agreed to meet again as a Committee of the Whole on November 14th at 5:00 P.M. to discuss the enterprise funds. Official Proceedings of the October 24, 1995 Shakopee City Council Page -3- Mayor Laurent adjourned the meeting to Tuesday, November 14, 1995 at 5: 00 P.M. The meeting was adjourned at 6:58 P.M. J ith S. Cox ty Clerk Recording Secretary TO: Dennis R. Kraft, City Administrator FROM: Gregg Voxland, Finance Director SUBJ: 1996 Enterprise Fund Budgets DATE: October 19, 1995 Attached are the proposed 1996 enterprise fund budgets. The capital expenditures have already been addressed through the CIP and Equipment Fund. There are no significant changes in the operating side of these compared to previous years but professional services is fluctuating. The main issue for Council to address is the level of fees for the enterprise funds. Sewer Fund: The rate increase for 1995 was in two parts. The flat rate per month went from $4.00 to $8.00 and the flow rate went from $1.42 to $1.74. The average residential bill (based on 15,000 gallons of water per quarter) went from $11.10 to $16.70 per month which was a 50% increase. The smaller the water use, the larger the percent of increase. The attached statements are based on an increase in rates (base and/or flow) to achieve a revenue increase of 5% for 1996. • Based on the 5 year projection in the CIP, Council should consider whether to leave rates unchanged or to increase them slightly. This would be to smooth out future increases and hedge against future negative changes in the CIP as more costs are added as the time line shortens. Trunk charge increases will be indexed to construction costs. • Rahr Malting is working on withdrawing from the city sewer system. This could mean a net loss of revenue in the range of $180,000 annually. There may be an economic offset with sac charges. The attached documents do not reflect these items. Storm Drainage Fund: The rate for storm drainage went from $10.32 to $18.18 per residential equivalency factor. This was a 76% rate increase but the first one in 9 years. The bill for a house went from $13.76 to $24.00 annually (now billed quarterly) . • Based on the CIP projections which have increased project costs from the last CIP, the Storm fund will be out of cash in 1997. This is even with successive 10% per year rate increases. I Engineering will be working on establishing a trunk storm drainage fee this winter. Refuse Fund: The current rate for refuse collection is $13.66 for the standard container and $12.80 for the smaller container in the urban area which includes $1.13 for city costs and recycling in addition to the hauler contract cost. We are currently billing 3,245 standard plus 209 reduced size accounts for a total of 3,454. The refuse fund was set up in 1994. It does not pay a share of the general overhead costs as does the sewer and the storm fund ($10,000 each) . Does council wish to charge the refuse fund a share of the overhead costs? • The Refuse Fund had a cash deficit of about $36,000 on 10/16/95. It needs either an infusion of cash from the general fund to provide more working capital or a rate increase to generate working capital. Recreation Fund: The fees structure for this fund is under study by the Park and Recreation Advisory Board. This is a new fund for 1996. The proposed budget does not include a share of the general overhead costs comparable to the sewer and storm funds. Does council wish to charge the recreation fund a share of the overhead costs? Overhead costs • The sewer and storm funds are each charged $10,000 for general overhead. It is recommended that for 1996 the sewer and storm funds be charged $12,000 each, the refuse fund be charged less - perhaps $4,000 and the recreation fund be charged the same as the sewer fund. Action Requested Discuss and give staff direction on the following items; 1. Sanitary sewer flow fee and/or flat monthly fee increase. 2. Storm Drainage fee increase. 3. Refuse fee increase versus General Fund Transfer. 4. Overhead cost charge back to enterprise funds. 2. c)O o 73 m ° m v _' m o(fl 'o ° :::.!:ii::! O)oo , S) O X 0 Cl) ~ N O cp m o c co—I ;iiiii O 7 N 7 Vi CA 3 C) f`+ (n O 7' 0 is CD .. C) o to m S • CD NEIMEil iN v v O �% o q ♦ (n • a) :; O O A O 0 C m cCD D ii CD ii- Fri.:. .civiTs, :: -.;...,...fi.,;:?:...wz..;....,:. M .ii.:.'i.:.:,.i.; NWEL isqiii c(n \' m o — — m 0 m m to \ ° .`,•: r o 2 ° A co m 's'##: ° coT ° n A - $' D -Ti_ 0 o� ° m C CD a CD c°n T o ia A a) liiii.1 A : i:+;i :r i i,sE> A ii;:; iS{ a .+ M Fri € » `r$ CITY OF SHAKOPEE, MINNESOTA - PROFORMA OPERATING STATEMENT- Sanitary Sewer For the Year Ending December 31, 1996 1993 1994 1995 1996 1 Actual Actual Est. Est. Operating Revenue Service Charges $1,169,670 $1,343,026 $1,700,570 $1,836,923 Operating Expense 4100 FT Salaries 17,165 18,918 20,000 20,000 4102 FT Overtime 1,090 388 500 500 4110 PT Salaries 200 200 4140 PERA 818 865 900 900 4141 FICA 1,338 1,455 1,620 1,620 4151 Workcomp 561 691 1,000 1,000 4210 Supplies 510 623 2,000 2,000 4222 Motor Fuels & Lub. 932 368 800 4232 Equip. Maint. 820 1,217 2,500 2,500 4245 Utility Sys. Maint. 8,871 221 8,000 8,000 4310 Professional Serv. 75,868 44,246 30,000 30,000 4320 Postage 5 4350 Printing & Repro 194 116 4360 Insurance 4,358 3,036 4,000 4,000 4410 Rents 1,645 22,790 4390 Conferences 270 240 4385 MCES 1,055,479 1,021,106 1,067,000 1,107,200 4420 Depreciation 113,223 127,662 120,000 155,000 4530 Improvements 213 4800 Expense Charged Back 10,000 10,000 10,000 10,000 Total Expense 1,291,497 1,231,370 1,269,365 1,366,510 Operating Income (121,827) 111,656 431,205 470,413 Interest Income 145,360 93,211 $50,000 $84,030 Other Income 527 1,618 Net Income $24,060 $206,485 $481,205 $554,443 LI CITY OF SHAKOPEE, MINNESOTA Sanitary Sewer Fund Operating Cash Budget For the Year Ending December 31, 1996 1993 1994 1995 1996 Actual Actual Est. Est. Operating Revenue Service Charges $1,169,670 $1,343,026 $1,700,570 $1,836,923 Interest Income 145,360 93,211 50,000 84,030 I Other Income 527 1,618 1,315,557 1,437,855 1,750,570 1,920,953 Operating Expense 4101 FT Salaries 17,165 18,918 20,000 20,000 4102 FT Overtime 1,090 388 500 500 4110 PT Salaries 200 200 4121 PERA 818 865 900 900 4122 FICA 1,338 1,455 1,620 1,620 4151 Workcomp 561 691 1,000 1,000 4210 Supplies 510 623 2,000 2,000 4222 Motor Fuels & Lub. 932 368 800 4240 Equip. Maint. 820 1,217 2,500 2,500 4245 Utility Sys. Maint. 8,871 221 8,000 8,000 4310 Professional Serv. 75,868 44,246 30,000 30,000 4330 Travel/Subsistence 5 4350 Printing & Repro 194 116 4360 Insurance 4,358 3,036 4,000 4,000 4410 Rents 1,645 22,790 4390 Conferences 270 240 4385 MCES 961,080 961,080 1,020,000 1,080,000 4800 Expense Charged Back 10,000 10,000 10,000 10,000 4550 Capital Equip 56,847 1,759 1630 Rahr Diversion 230,609 96,630 Downtown Project 38,512 Street Reconstruction 91,580 145,000 227,500 4th Ave. (CR17-Shenandoah) 140,000 Area SS-H Trunk Sewer 465,000 CR16 Sewer-VIP Diversion 200,000 Total Disbursements 1,371,331 1,271,950 1,587,365 1,876,810 Net Cash Flow ($55,774) $165,905 $163,205 $44,143 Cash Balance $1,225,300 $1,522,903 $1,686,108 $1,730,251 O) O O (O O m O O) O e- ti N N. at O N M co v- M N 0 0 e- 0 a- O of O co t` O at N O N O) e- N 0) a, at O 4) O O Cf a- N O t. W O N O) O M a0 N at CO e� 00 O N N N . (D O) (D tD (D (O O O 4) O O s- O O) 0 co N co ems- N coMO 1F. ems-- C.) 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Est. Operating Revenue User Fees $301,466 $301,200 $403,100 $443,410 Operating Expense 4100 FT Salaries 39,273 41,994 29,000 35,000 4102 FT Overtime 1,186 540 400 400 4110 PT Salaries 28 114 2,000 4140 PERA 1,812 1,905 1,215 1,215 4141 FICA 2,979 3,206 2,195 2,195 4150 Health & Life 2,380 4151 Workcomp 834 1,027 800 800 4210 Supplies 1,829 679 1,000 1,000 4222 Motor Fuels & Lub. 589 1,289 1,400 4232 Equip. Maint. 2,913 6,825 2,000 4245 Utility Sys. Maint. 16,170 1,500 2,000 4310 Professional Serv. 74,408 48,899 10,000 40,000 4320 Postage 1,340 1,593 1,500 4321 Telephone 6 4330 Travel/Subsistence 24 4350 Printing & Repro 175 158 4360 Insurance 2,007 1,312 700 1,500 . ....... ...... ... .. 4390 Conference/School/Train 80 4410 Rents 11,408 16,853 10,000 12,800 4435 Dues& Subscript. 1,526 1,000 1,000 4420 Depreciation 134,751 158,685 130,000 160,000 4800 Expenses Charged Back 10,000 10,000 10,000 10,000 Total Expense 301,726 296,691 203,690 271,310 Operating Income (260) 4,509 199,410 172,100 Interest Income 134,337 75,194 100,753 32,000 Interest Expense 38,925 Net Income $134,077 $79,703 $300,163 $243,025 2 CITY OF SHAKOPEE, MINNESOTA STORM DRAINAGE FUND . Operating Cash Budget For the Year Ending December 31, 1996 1993 1994 1995 1996 Actual Actual Est. Est. Operating Revenue User Fee $301,466 $301,200 $403,100 $443,410 . Interest Income 134,337 75,194 100,753 32,000 435,803 376,394 503,853 475,410 Operating Expense 4100 FT Salaries 39,273 41,994 29,000 35,000 4102 FT Overtime 1,186 540 400 400 4110 PT Salaries 28 114 2,000 4140 PERA 1,812 1,905 1,215 1,215 4141 FICA 2,979 3,206 2,195 2,195 4150 Health & Life 2,380 4151 Workcomp 834 1,027 800 800 4210 Supplies 1,829 679 1,000 1,000 4222 Motor Fuels & Lub. 589 1,289 1,400 4232 Equip. Maint. 2,913 6,825 2,000 4245 Utility Sys. Maint. 16,170 1,500 2,000 4310 Professional Serv. 74,408 48,899 10,000 40,000 4320 Postage 1,340 1,593 1,500 4330 Travel/Subsistence 24 4350 Printing & Repro 175 158 4360 Insurance 2,007 1,312 700 1,500 4410 Rents 11,408 16,853 10,000 12,800 4550 Capital Equip 2,525 4610 Debt Service Interest 38,925 4800 Expenses Charged Back 10,000 10,000 10,000 10,000 1630 CR 17 Improv. 30,570 MN Valley 14,743 Foothills Trail 20,010 MN/Dakota/Alley 8,000 CR 83 42,731 71,976 CR 17 568,291 1st Ave. 1,596 Rahr Force Main 23,150 11th Ave. 865 212,258 Downtown Project 15,085 Annual Reconstruction 23,407 36,250 60,000 CR 16 Cost Part. 240,000 4th Ave. (CR17) 35,000 Annual Storm Water 44,620 150,000 150,000 JEJ Storm Laterals 250,000 Huber Park 125,000 UVD Channel Improvment 50,000 VIP Detention Pond 60,000 10th Ave. Laterals 130,000 Naumkeag -1st to 2nd & Fillmore 10,000 Vierling (Pres. to TH169 & Taylor 50,000 Dean's Lake Outlet 100,000 100,000 Total Disbursements 876,930 506,265 883,940 884,235 Net Cash Flow ($441,127) ($129,871) ($380,087) ($408,825) Cash Balance $1,183,363 $1,026,011 $645,924 $237,099 8 00 0 0 00 M M O N . + I'. 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N n ZOm = ~ ZOOWCO ~ W m E � DOQ W W .0 C (v a N U Ct X 0CO 0 CITY OF SHAKOPEE, MINNESOTA PROFORMA OPERATING STATEMENT - Refuse For the Year Ending December 31, 1996 1993 1994 1995 1996 Actual Actual Est. Est. Operating Revenue Service Charges $516,648 $511,763 $541,800 $550,000 Operating Expense 4101 FT Salaries 1,288 1,851 2,600 2,600 4102 FT Overtime 372 210 4121 PERA _ 74 92 120 120 4122 FICA 123 156 200 200 4131 Health & Life 4151 Workcomp 160 160 4210 Supplies 8,325 200 200 4310 Professional Serv. 14,161 10,061 8,500 16,000 4330 Travel/Subsistence 72 100 100 4340 Advertising 2,047 1,393 500 1,500 4350 Printing & Repro 1,114 602 1,000 1,000 4360 Insurance 100 0 100 100 4380 Utility Service 490,540 500,991 500,000 525,000 4390 Conferences 100 100 4433 Dues & Subscr. 150 150 4438 Sales Tax 811 903 1,000 1,000 Total Expense 510,630 524,656 514,730 548,230 Operating Income 6,018 (12,893) 27,070 1,770 County Grants/Aids 13,795 Interest Income Interest Expense 126 Net Income $6,018 $776 $27,070 $1,770 Note: Data for 1993 is for informational purposes only. Fund was established in 1994. /0 CITY OF SHAKOPEE, MINNESOTA Refuse Fund Operating Cash Budget For the Year Ending December 31, 1996 1993 1994 1995 1996 Actual Actual Est. Est. Operating Revenue Service Charges $516,648 $511,763 $541,800 $550,000 Interest Income 0 0 0 0 516,648 511,763 541,800 550,000 Operating Expense 4101 FT Salaries 1,288 1,851 2,600 2,600 _ 4102 FT Overtime 372 210 0 0 4121 PERA 74 92 120 120 4122 FICA 123 156 200 200 4131 Health & Life 0 0 0 0 4151 Workcomp 0 0 160 160 4210 Supplies 0 8,325 200 200 4310 Professional Serv. 14,161 10,061 8,500 16,000 4330 Travel/Subsistence 0 72 100 100 4340 Advertising 2,047 1,393 500 1,500 4350 Printing & Repro 1,114 602 1,000 1,000 4360 Insurance 100 0 100 100 4380 Utility Service 490,540 500,991 500,000 525,000 4390 Conferences 0 0 100 100 4433 Dues & Subscr. 0 0 150 150 4438 Sales Tax 811 903 1,000 1,000 4550 Capital Equip Total Disbursements 510,630 524,656 514,730 548,230 Net Cash Flow $6,018 ($12,893) $27,070 $1,770 Cash Balance $11,204 $38,274 $40,044 Note: Data for 1993 is for informational purposes only. Fund was established in 1994. Recreation Fund - Cash For the Year Ending December 31, 1996 1994 1995 1996 Actual Est. Est. Receipts Service Charges 408,520 Transfer In 251,340 659,860 Expenditures 4100 FT Salaries 203,990 4102 FT Overtime 153,480 4110 PT Salaries 9,130 4140 PERA 22,870 4141 FICA 20,530 4150 Health & Life 11,760 4151 Workcomp 7,000 4170 Compensated Absences 33,750 4210 Supplies 25,000 4222 Motor Fuels & Lub. 8,500 4232 Equip. Maint. 10,000 4250 Merchandise 12,000 4310 Professional Serv. 2,500 4320 Postage 2,500 4321 Telephone 1,450 4330 Travel/Subsistence 300 4350 Printing & Repro 7,500 4360 Insurance 24,000 4380 Utilities 97,000 4390 Conference/School/Train 1,600 4410 Rents 600 4435 Dues 700 4435 Subscriptions/Publication 700 4438 Sales Tax 3,000 Total Disbursements $659,860 Net Cash Flow Cash Balance /2- CITY OF SHAKOPEE, MINNESOTA PROFORMA OPERATING STATEMENT- RECREATION FUND For the Year Ending December 31, 1996 1994 1995 1996 Actual Est. Est. Operating Revenue Memberships& Admissions 89,280 Activities 131,950 Concessions 27,040 Rentals 138,400 Fees 15,500 Contributions 6,350 Total Operating Revenue 408,520 Operating Expense 4100 FT Salaries 203,990 4110 PT Salaries 153,480 4140 PERA 9,130 4141 FICA 22,870 4150 Health & Life 20,530 4151 Workcomp 11,760 4170 Compensated Absences 7,000 4210 Supplies 33,750 4222 Motor Fuels & Lub. 25,000 4232 Equip. Maint. 8,500 4250 Merchandise 10,000 4310 Professional Serv. 12,000 4320 Postage 2,500 4321 Telephone 2,500 4330 Travel/Subsistence 1,450 4340 Advertising 300 4350 Printing & Repro 7,500 4360 Insurance 24,000 4380 Utilities 97,000 4390 Conference/School/Train 1,600 4410 Rents 600 4420 Depreciation 80,000 4435 Dues 700 4435 Subscriptions/Publication 700 4438 Sales Tax 3,000 Total Expense 739,860 Operating Income (331,340) Transfer In 251,340 Net Income (80,000) Program Program Program Program 750 751 752 753 Other Objec Description Benefits General Rec. Pool Ice Arena Total Progr Operating Revenue 3470 Memberships 12,500 22,000 12,500 47,000 3471 Daily Admissions 7,140 23,000 7,140 37,280 3471 Punch Card Purchases 2,500 2,500 5,000 3472 Lessons 10,000 3,000 13,000 3474 Ice Rental - Prime 110,000 110,000 7820 3477 Gymnastics 14,400 14,400 7800 3477 Youth Activities 37,650 37,650 7858 3478 Aerobics 25,000 25,000 7854 3478 Intramural Basketball 1,200 1,200 7855 3478 Intramural Volleyball 1,200 1,200 7850 3478 Adult Activities 39,500 39,500 3479 Concession Stand 9,000 7,500 16,500 3480 Vending Contract 2,770 2,770 5,540 3480 Vending Machines 2,500 2,500 5,000 3489 Township Contributions 4,350 4,350 3490 Other Rec. Fees 8,500 8,500 3491 Arena Advertising 5,000 5,000 3620 Skate Sharpening 1,000 1,000 3620 Pay Phones 500 500 1,000 3622 Cable Access Rental 7,200 7,200 3622 Rentals 2,700 18,000 20,700 3622 Meeting Room Rental 500 500 3623 Contributions 2,000 2,000 Total Operating Revenue - 181,110 55,000 172,410 408,520 Operating Expenses 4101 Wages FT- Reg. - 152,510 5,860 45,620 203,990 4110 Wages - Temporary - 72,460 58,600 22,420 153,480 4121 PERA - 6,830 260 2,040 9,130 4122 FICA - 17,210 450 5,210 22,870 4131 Health & Life 20,530 20,530 4151 Workers Comp 11,760 11,760 4170 Compensated Absences 7,000 7,000 4210 Operating Supplies - 18,500 7,250 8,000 33,750 4222 Motor Fuels & Lub. 2,500 15,000 7,500 25,000 4240 Equipment Maintenance - 1,500 5,000 2,000 8,500 4250 Merchandise - 5,000 5,000 10,000 4310 Professional Services - 7,000 3,000 2,000 12,000 4320 Postage - 2,250 250 2,500 4321 Telephone - 1,500 500 500 2,500 4330 Travel/Subsistence - 1,050 150 250 1,450 4340 Advertising - - 300 300 4350 Printing/Publishing - 5,000 1,000 1,500 7,500 4360 Insurance - 10,500 6,000 7,500 24,000 4380 Utilities 30,000 12,000 55,000 97,000 4390 Conference/School/Traini - 1,050 300 250 1,600 4410 Rentals - 300 300 600 4433 Dues - 700 700 4435 Subscriptions/Publication - 400 300 700 4438 Sales Tax 3,000 3,000 Total Expenses $ 39,290 $ 331,260 $ 123,670 $ 165,640 $ 659,860 Operating Cash Flow (39,290) (150,150) (68,670) 6,770 (251,340) /3 MEMO TO: Dennis R. Kraft, City Administrator FROM: Bruce Loney, Public Works Director SUBJECT: Stormwater Management Fees DATE: October 20, 1995 COMMITTEE OF THE WHOLE MEETING DATE: October 24, 1995 At the March 21, 1995 Council meeting, Council directed staff to prepare a report on establishing a Trunk Storm Sewer Charge Policy. Staff has not been able to complete a report on a storm sewer charge due to the number of public and private development projects this past year. The purpose of this memo is to update Council on the progress of developing a storm water fee or trunk storm sewer charge, and the impact of a new fee on the Stormwater Drainage Utility Fund. The Stormwater Drainage Utility Fund was established in 1985 for the purpose of managing and funding maintenance, construction and reconstruction of stormwater drainage systems in Shakopee. This past year the stormwater drainage utility rates were increased by 74% to maintain a positive cash flow in the fund. A stormwater management fee is being proposed for the purpose of constructing stormwater drainage facilities in developing areas. This proposal is based on the criteria that new developments should pay for initial installation of facilities with the stormwater drainage utility fees funding the operation and maintenance. In the proposed 1996-2000 Capital Improvements Program (CIP) for stormwater projects, several of the projects are due to increased development. Collecting a stormwater fee or trunk storm sewer charge from new developments will provide revenue to support these projects. For instance in 1997, a payment of$550,000.00 is programmed to pay for the Mn/DOT linear ponds along the Shakopee Bypass. New developments tributary to these ponds should pay a stormwater management fee for utilizing those ponds versus constructing their own individual ponds on their property and at their cost. In the 1996-2000 CIP the stormwater projects total cost per year is as follows: 1996 1997 1998 1999 22000 Storm $735,000 $1,130,000 $520,000 $250,000 $240,000 Total If the City of Shakopee averages 200 residential building permits per year which would equate to 80 acres of development in order to generate $350,000, the stormwater fee would need to be $.10 per square foot. At this time, staff is reviewing alternatives of stormwater management fee procedures to determine which setup would best suit the City of Shakopee. The fundamental concept underlying a stormwater management fee is that all land within a drainage area is considered to be benefited as all land contributes water runoff to the system. With this concept, each development will contribute a fee based on its land use and size of area and not whether the parcel is located upstream or downstream of the particular watershed. Staff will be considering the following items in the development of the stormwater management fee: 1. Cost of stormwater facilities per net acre of residential property. 2. Cost of stormwater facilities per net acre of multi-residential property. 3. Cost of stormwater facilities per net acre of commercial, industrial and institutional property. 4. Cost of major drainage channels, box culvert crossings and regional ponds per net acre of development area within major watersheds. This memo as mentioned previously is to update Council on the progress and the need of a stormwater management fee for new developments and to seek Council input and direction on the preparation of this fee. BL/pmp FEES Storm Drainage Funding Discussion November 14, 1995 Committe of the Whole Goals: • Provide background to the City Council • Obtain direction on philosophy options Need: • Existing major improvements (i.e.: Upper Valley Drainageway) have been constructed with funds from Mn/Dot and TIF. These funding sources may not be available for future improvements, including another major drainageway. • The Mn/Dot linear ponds were constructed with funds from the Storm Drainage Utility Fund, but will only serve new developments. At this time, there is no mechanism in place for recouping the cost to construct these ponds (approx. $1,200,000). • The Storm Drainage Utility Fund is dangerously low, and there are a growing number of projects and improvements needed to facilitate future development. Development is anticipated as MUSA becomes available, and it would be desirable to have a policy implemented to recoup storm sewer expenditures from future developments. Options: • Stay with the current policy of the Storm Drainage Utility Fund paying for all new storm sewer construction. This will require raising rates substantially(300-400%). This policy effectively has existing residents of the City paying for improvements in developing areas. • Adopt a policy where new storm sewer facilities are the responsibility of the developer, with no City intervention. This policy is unfair to downstream property owners who have more drainage to accommodate, while the upstream users have an advantage. This policy would also require the City to fund all new storm sewer construction on City projects. • Limit development to available storm drainage funds. With this option, the Storm Drainage Utility Fund would pay for all new storm sewer construction, but the construction of those systems, and the development associated with that expansion would be limited to what the fund could afford to construct. This is in effect a City initiated MUSA line for storm sewers. • Implement a Storm Water Management Fee or Trunk Fee to fund storm sewer improvements. With this policy, the newly developing areas will pay for the drainage improvements necessary for development. Having a fee based on landuse intensity will help to provide equity between upstream and downstream users. Philosophy Options: Stormwater Management Fee vs. Trunk Fee Stormwater Management Fee This is a fee based on constructing the entire storm sewer system, including all local improvements and trunk facilities. A per acre fee based on land use intensity is charged to all development based on the cost to construct storm sewer improvements in the typical development. The actual costs for storm sewer improvements are reimbursed to the developer as they are constructed. Pros • System oversizing for conveyance of "offsite" drainage is funded by the Stormwater Management Fee, thus creating equity among upstream and downstream property owners. • Charging a fee based on land use intensity provides equity between differing land uses. • A per acre fee is easy to administer. • The Stormwater management Fee is used in several surrounding communities, and developers are familiar with how the process works. Cons • There is no incentive for developers to design efficient systems because the costs are reimbursed from the fees collected, and not directly by the developer. • Possibility for developers to"inflate" storm sewer costs to obtain a higher reimbursement amount. • This fee requires monitoring and adjustment to ensure that the fees collected are able to fund the improvements as they are actually constructed (estimate vs. construction dollars). Trunk Fee The trunk fee is based on the cost to construct a narrowly defined trunk system. This cost is allocated over the area served by the system on a per acre basis. This charge does not include the costs for"local" storm sewer systems. These local costs would be paid by the developer. Pros • The criteria that all properties have a 1/3 CFS per acre maximum discharge rate creates equity between landuses of differing intensities. The cost of local systems maintain the maximum discharge rate is a developer cost, and is directly related to the intensity to which the developer uses the land. A development with more intensive use must pay more for a local system to reduce the discharge rate. • System oversizing for conveyance of "offsite" drainage is funded by the trunk fee, thus creating equity among upstream and downstream property owners. • A per acre fee is easy to administer. • Since the local level storm sewer systems are paid for by the developer, there is incentive for the developer to design efficient systems. • The Trunk Fee has been used by other Metro Cities, and developers will be familiar with how the process works. In addition, the Trunk Sanitary Sewer Charge Policy that was implemented by the City in 1994 follows the same format as the Trunk Stormwater Fee would, thus maintaining consistency with other City fees. Cons • Establishing a Trunk Charge requires more detailed planning than a Stormwater Management Fee, and will have more up front costs to implement. These costs can be recouped with the trunk fee. This fee requires monitoring and adjustment to ensure that the fees collected are able to fund the improvements as they are actually constructed (estimate vs. construction dollars). L TO: Dennis R. Kraft FROM: Gregg Voxland, Finance Director SUBJ: Investment Policy DATE: November 3, 1995 Introduction Council is requested to review and discuss a new investment policy. Background The events of Orange County continue to ripple through the financial community. One of the effects is that a more comprehensive investment policy is recommended for Minnesota cities. Attached is the draft of a revised policy. The old one was a page and one half. This new one is longer but does not make material changes from current practices. I would like to draw Council's attention to several items in the policy and have Council discuss them. • Maturity length is the term satisfactory to Council as shown on page $ • Local (metro) brokers is it Council's desire to restrict the usage of brokers to only those located in the metro area? (page ,S ) • Local (Shakopee) investment incentives/breaks Action Requested Discuss and give staff direction. CITY OF SHAKOPEE, MINNESOTA INVESTMENT POLICY November 1, 1995 I. Scope II. Objective 1. Safety 2. Liquidity 3. Yield III. Standards of Care 1. Prudence 2. Ethics and Conflicts of Interest 3. Delegation of Authority IV. Safekeeping and Custody 1. Authorized Financial Dealer and Institution 2. Internal Controls 3. Delivery vs. Payment (DVP) V. Suitable and Authorized Investments 1. Investment Types 2. Collateralization 3. Repurchase Agreements VI. Investment Parameters 1. Diversification 2. Maximum Maturities VII. Reporting 1. Methods 2. Marking to Market VIII. Policy IX. Investment Pools 1. Definition 2. Questionnaire X. Depositories 2 I. Scope This policy applies to funds under the management and custody of the City Treasurer/Finance Director. Excluded are funds of the Fire Relief Association which has its own investment policy, funds under the management of the deferred compensation administrator, funds held in escrow by agents which are normally covered by the terms of the escrow agreement and investment pools such as the 4M Fund, State Board of Investment and the cash flow pooling of the safe keeping agent (see section IX on investment pools) . II. Objective The primary objectives, in priority order, on investment activities shall be: 1. Safety Safety of principal is the foremost objective of the investment program. Investments shall be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. The objective will be to mitigate credit risk and interest rate risk. A. Credit Risk Credit risk is the risk of loss due to failure of the security issuer or backer. Credit risk may be mitigated by: Limiting investments to the safest types of securities; Pre-qualifying the financial institutions, broker/dealers, intermediaries, and advisors with which the city will do business; Diversifying the investment portfolio so that the potential losses on individual securities will be minimized. B. Interest Rate Risk Interest rate risk is the risk that the market value of securities in the portfolio will fall due to changes in general interest rates. Interest rate risk may be mitigated by: Structuring the investment portfolio so that securities mature to meet cash requirements for ongoing operations, thereby avoiding the need to sell securities on the open market prior to maturity; By investing operating funds primarily in shorter-term securities. 2. Liquidity 3 The investment portfolio shall remain sufficiently liquid to meet all operating requirements that may be reasonably anticipated. This is accomplished by structuring the portfolio so that securities mature concurrent with cash needs to meet anticipated demands (static liquidity) . Furthermore, since all possible cash demands can not be anticipated, the portfolio should consist largely of securities with active secondary or resale markets (dynamic liquidity) . 3. Yield The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints and liquidity needs. Return on investment is of least importance compared to the safety and liquidity objectives described above. The core of investments are limited to relatively low risk securities in anticipation of earning a fair return relative to the risk being assumed. Securities shall not be sold prior to maturity with the following exceptions: 1) a declining credit security should be sold early to minimize the loss of principal; 2) a security swap would improve the quality, yield, or target duration in the portfolio; 3) liquidity needs of the portfolio require that the security be sold; or 4) there is a definite economic benefit to be realized. III. Standards of Care 1. Prudence The standard of prudence to be used by investment officials shall be the "prudent person" standard and shall be applied in the context of managing an overall portfolio. Investment officers acting in accordance with written procedures and this investment policy and exercising due diligence shall be relieved of personal responsibility for an individual security's credit risk or market price changes, provided deviations from expectations are reported in a timely fashion and the liquidity and the sale of securities are carried out in accordance with the terms of this policy. Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived. 2. ethics and Conflicts of Interest Officers and employees involved in the investment process shall refrain from personal business activity that could conflict with the proper execution and management of the investment program, 4 or that could impair their ability to make impartial decisions. Employees and investment officials shall disclose any material interests in financial institutions with which they conduct business. They shall further disclose any personal financial/investment positions that could be related to the performance of the investment portfolio. Employees and officers shall refrain from undertaking personal investment transactions with the same individual with whom business is conducted on behalf of their entity. 3. Delegation of Authority Authority to manage the investment program is granted to the Finance Director derived from the following: (insert code ordinance or statute) . Responsibility for the operation of the investment program is hereby delegated to the Finance Director, who shall carry out established written procedures and internal controls for the operation of the investment program consistent with this investment policy. Procedures should include references to: safekeeping, delivery vs. payment, investment accounting, repurchase agreements, wire transfer agreements, collateral/depository agreements and banking services contracts. No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the Finance Director. The Finance Director shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials. IV. Safekeeping and Custody 1. Authorized Financial Dealer and Institution A list will be maintained of financial institutions authorized to provide investment services. In addition, a list will also be maintained of approved security broker/dealers selected by creditworthiness (minimum capital requirement $10,000,000 and at least five years of operation) . These may include "primary" dealers or regional dealers that qualify under Securities and Exchange Commission Rule 1503-1 (uniform net capital rule) . All financial institutions and broker/dealers who desire to become qualified bidders for investment transactions must be located in the Twin City metropolitan area and supply the following as appropriate: • audited financial statements • proof of National Association of Securities Dealers (NASD) certification • proof of state registration • certification of having read the city's investment policy An annual review of the financial condition and registration of qualified bidders will be conducted by the Finance Director. 5 2. Internal Controls The City Administrator is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the entity are protected from loss, theft or misuse. The internal control structure shall be designed to provide reasonable assurance that these objectives are met. The concept of reasonable assurance recognizes that (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates and judgments by management. Accordingly, the City Administrator shall establish a process for annual independent review by an external auditor to assure compliance with policies and procedures. The internal controls shall address the following points: a. Control of Collusion. Collusion is a situation where two or more employees are working in conjunction to defraud their employer. b. Separation of transaction authority from accounting and record keeping. By separating the person who authorizes or performs the transaction from the people who record or otherwise account for the transaction, a separation of duties in achieved. c. Custodial safekeeping. Securities purchased from any bank or dealer including appropriate collateral (as defined by state law) shall be placed with an independent third party for custodial safekeeping. d. Avoidance of physical delivery securities. Book entry securities are much easier to transfer and account for since actual delivery of a document never takes place. Delivered securities must be properly safeguarded against loss or destruction. The potential for fraud and loss increases with physical delivered securities. e. Clear delegation of authority to subordinate staff members. Subordinate staff members must have a clear understanding of their authority and responsibilities to avoid improper actions. Clear delegation of authority also preserves the internal control structure that is contingent on the various staff position and their respective responsibilities. f. Written confirmation of telephone transactions for investments and wire transfers. Due to the potential of error and improprieties arising from telephone transactions, all telephone transaction should be supported by written communications and approved by the appropriate person. Written communications may be via fax if the safekeeping institution has a list of authorized signatures. g. Development of a wire transfer agreement with the lead bank or third party custodian. This agreement should outline the 6 various controls, security provisions, and delineate responsibilities of each party making and receiving wire transfers. From time to time, investors may choose to invest in instruments offered by minority and community financial institutions. These financial institutions may not meet all the criteria under paragraph 1. All terms and relationship will be fully disclosed prior to purchase and will be reported to the appropriate entity on a consistent basis and should be consistent with state or local law. Also, these types of investment purchases should be approved by the appropriate legislative body in advance. 3. Delivery vs. Payment All trades where applicable will be executed by delivery vs. payment (DVP) . This ensures that securities are deposited in the eligible financial institution prior to the release of funds. Securities will be held by a third party custodian as evidenced by safekeeping receipts. V. Suitable and Authorized Investments 1. Investment Types Consistent with the GFOA Recommended Practice on State Statutes Concerning Investment Practices, the following investments will be permitted by this policy and are those defined by state law where applicable; a. U.S. Government obligations, U.S. Government agency obligations, and U.S. Government instrumentality obligations b. Prime bankers acceptances c. Prime commercial paper d. Investment-grade obligations of state and local governments and public authorities e. Certificates of deposit f. Investment pools or mutual funds of short to intermediate term duration utilizing the above and repurchase agreements. Investment in derivatives is not authorized. 2. Collateralization In accordance with state law and the GFOA Recommended Practices on the Collateralization of Public Deposits, full collateralization will be required on certificates of deposits to extent the deposits exceed the available FDIC insurance. VI. Invest Parameters 1. Diversification The investments will be diversified by security type and institution. All investments other than in direct obligations or agencies of the United States, secured by collateral, or repurchase agreements, shall not exceed fifty percent of the portfolio. This limitation is determined by type of investment, i.e. commercial paper or bankers acceptance. Further, investment in any one corporation shall not exceed 20* of the portfolio and 5* of the corporation's assets. 2. Maximum Maturities Twenty percent of the portfolio maybe invested to a maximum of 10 years maturity. The balance of the portfolio shall have a 5 year maximum maturity. Maturities shall be generally spread across the time in a laddering effect except as needed to match anticipated cash flow requirements. VII. Reporting 1. Methods The Finance Director shall prepare an investment report at least quarterly. The report will be provided to the City Administrator, City Council and EDA for "city funds" and to the Shakopee Public Utilities Commission for its funds. Included in the report shall be the following: • A listing of individual securities held at the end of the reporting period listed by maturity date. • The carrying basis, the current calculated accreted basis and the current market value. • Weighted average yield to maturity. • Percentage of total portfolio by type of investment. 2. Marking to Market A statement of the market value of the portfolio, obtained from independent sources shall be issued at least quarterly with the above report. This will ensure that the minimal amount of review has been performed on the investment portfolio in terms of value and subsequent price volatility. VIII. Policy 1. Amendment This policy shall be reviewed on an annual basis. Any changes must be approved by the City Council. IX. Investment Pools 1. Definition The purpose of an investment pool is to allow political subdivisions to pool investable funds in order to achieve a potentially higher yield. There are basically three types of pools, 1) state run pools; 2) pools operated by a political subdivision where allowed by law 8 and the political subdivision is the trustee; and 3) pools that are operated for profit by third parties. Prior to the city being involved with any type of pool, a through investigation of the pool and its policies and procedures must be reviewed. 2. Pool Ouestionnaire Prior to entering a pool, the following questions and issues should be considered. Securities Government pools may invest in a broader range of securities than permitted by city policy. Deviation from the policy is permitted for pools to the extent that securities are authorized by state statute and the Finance Director/Treasurer is aware of and comfortable with those securities. 1. Does the pool provide a written statement of investment policy and objectives? 2. Does the statement contain: a. a description of eligible investment instruments? b. the credit standards of investments? c. the allowable maturity range of investments? d. the maximum allowable dollar weighted average portfolio maturity? e. the limits of portfolio concentration permitted for each type of security? f. the policy on reverse repurchase agreements, options, short sales and futures? 3. Are changes in the policies communicated to the pool participants? Interest Interest is not reported in a standard format, so it is important to know how interest is quoted, calculated and distributed so that you can make comparisons with other investment alternatives. Interest Calculations 1. Does the pool disclose the following about yield calculations: a. the methodology used to calculate interest? (simple maturity, yield to maturity, etc.) b. the frequency of interest payments? c. how interest is paid? (credited to principal at the end of the month, each quarter; mailed?) d. how are gains/losses reported? factored monthly or only when realized? Reporting 1. Is the yield reported to participants of the pool monthly? 2. are expenses of the pool deducted before quoting the yield? 3. is the yield generally in line with the market yield for securities in which would otherwise be purchased? 9 4. How often does the pool report, and does that report include the market value of securities? Security The following questions are designed to assist in safeguarding funds from loss of principal and loss of market value. 1. Does the pool disclose the safekeeping practices? 2. Is the pool subject to audit by an independent auditor? 3. Is a copy of the audit report available to participants? 4. Who makes portfolio decisions? 5. How does the manager monitor the credit risk of the securities in the pool? 6. Is the pool monitored by someone on the board of a separate neutral party external to the investment function to ensure compliance with written policies? 7. Does the pool have specific policies with regards to the various investment vehicles? a. what are the different investment alternatives? b. what are the policies for each type of investment? 8. Does the pool mark the portfolio to its market value? 9. Does the pool disclose the following about how portfolio securities are valued: a. the frequency with which the portfolio securities are valued? b. the method used to value the portfolio (cost, current value, or some other method) ? Operations The answers to these questions will help determine if a pool meets the operational needs of the city. 1. Does the pool limit eligible participants? 2. What entities are permitted to invest in the pool? 3. Does the pool allow multiple accounts and/or sub-accounts? 4. Is there a minimum or maximum account size? 5. Does the pool limit the number of transactions each month? What is the number of transactions permitted each month? 6. Is there a limit on transaction amounts for withdrawals and deposits? a. what is the minimum and maximum withdrawal amount permitted? b. what is the minimum and maximum deposit amount permitted? 7. How much notice is required for withdrawals/deposits? 8. What is the cutoff time for deposits and withdrawals? 9. Can withdrawals be denied? 10. Are funds 100% withdrawable at any time? 11. What are procedures for making deposits and withdrawals? a. what is the paperwork required, if any? b. what is the wiring process? 12. Can an account remain open with a zero balance? 13. Are confirmations sent following each transaction? Statements 10 It is important to received statements monthly for documentation and reconciliation purposes. 1. Are statements for each account sent to participants? a. What are the fees? b. how are they passed? c. how are they paid? d. are there additional fees for wiring funds (what is the fee) ? 2. Are expenses deducted before quoting the yield? Questions To Consider For Bond Proceeds It is important to know (1) whether the pool accepts bond proceeds and (2) whether the pool qualifies with the U.S. Department of the Treasury as an acceptable commingled fund for arbitrage purposes. 1. Does the pool accept bond proceeds subject to arbitrage rebate? 2. Does the pool provide accounting and investment records suitable for proceeds of bond issuance subject to arbitrage rebate? 3. Will the yield calculation reported by the pool be acceptable to the IRS or will it have to be recalculated? 4. Will the pool accept transaction instructions from a trustee? 5. Is the city allowed to have separate accounts for each bond issue so that the city does not have to commingle the interest earnings of funds subject to rebate with funds not subject to regulations? X. Depositories Pursuant to Minnesota Statures, Section 118.005, the Finance Director is authorized to designate as a depository of city funds such national, insured state banks or thrift institutions as defined in Section 51A.02, Subdivision 23, as deemed proper. The Finance Director shall inform City Council whenever a change is made in the list of designated depositories. Any bank, trust company or thrift institution authorized to do business in this state, designated as a depository of city funds may, in lieu of a corporate or personal surety bond required to be furnished to receive the funds, assign to or deposit with the City Finance Director/Treasurer legally authorized investments or securities as collateral. The Finance Director is authorized by City Council to approve of the arrangements for safekeeping of pledged collateral. The total amount of the collateral computed at its market value shall be at least ten percent more than the amount of deposit in excess of any insured portion. The depository may at its discretion furnish both a bond and collateral aggregating the required amount. The City will not accept mortgages as collateral. 11 Pursuant to Section 471.56, Subdivision 1, any city funds not presently needed for other purposes may be deposited or invested in the manner and subject to the conditions provided in Section 475.66. 12 Updated: October 1995 Designated Depositories Marquette Bank Norwest Bank Minnesota, NA Citizens State Bank of Shakopee The Family Bank Authorized Financial Dealers and Institutions Marquette Bank Norwest Bank Minnesota, NA Norwest Investment Services Inc. Smith Barney, Inc. Piper Jaffery, Inc. Dain Bosworth, Inc. Juran & Moody, Inc. 13 MEMO TO: Dennis R. Kraft, City Administrator FROM: David M.Nummer, Staff Engineer D rH N SUBJECT: Public Hearing Notice for 17th Avenue and Sarazin Street DATE: November 13, 1995 MEETING DATE: November 14, 1995 INTRODUCTION: On March 21, 1995 the City Council ordered the preparation of a feasibility report for 17th Avenue and Sarazin Street. This feasibility will be presented to the City Council on November 21, 1995. Staff is seeking permission to publish the public hearing notice prior to the November 21, 1995 meeting. BACKGROUND: This project will serve the new St. Francis Regional Medical Campus and needs to be completed by the June 30, 1996 opening of that facility. The standard process for ordering the project is to present the feasibility report to the City Council and have that report approved by resolution. This resolution also sets the date for the public hearing and directs staff to advertise for the public hearing in the local newspaper. Staff will be bringing the feasibility report and the resolution to the November 21 meeting for Council consideration. With the tight timeframe on this project, staff would like to expedite this process by placing the public hearing notice in the newspaper for publication on the Friday after the next City Council meeting (November 24, 1995). Publishing notice on that day will allow for a public hearing to be held on December 5, 1995, rather than on December 19 (as would be required under the standard process). This will save two weeks that can be devoted to design and preparation of plans and specifications. In order to have the notice published on November 24, the notice must be delivered to the newspaper on or before November 17. Staff is seeking permission from the City Council to have the notice published prior to accepting the feasibility report which will be on the November 21 Council agenda. If, at the November 21 meeting, the City Council decides for some reason that the feasibility report is not acceptable and the public hearing is not set for December 5, a notice that the hearing has been canceled can be published in the next available edition of the newspaper. c:\dos\publish.doc ALTERNATIVES: 1. Direct staff to publish the public hearing notice for 17th Avenue and Sarazin Street in the November 24, 1995 edition of the Shakopee Valley News. 2. Do not authorize publishing the notice early. RECOMMENDATION: Staff recommends Alternative No. 1. ACTION REQUESTED: Direct staff to publish the public hearing notice for 17th Avenue and Sarazin Street in the November 24, 1995 edition of the Shakopee Valley News. c:\dos\publish.doc C c ?b RESOLUTION NO. 4338 A RESOLUTION AMENDING RESOLUTION NO. 4324, A RESOLUTION CANVASSING RETURNS FOR THE REGULAR MUNICIPAL ELECTION AND THE SPECIAL ELECTION, BY CERTIFYING THE RESULTS OF A RECOUNT BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SHAKOPEE, MINNESOTA, that it is hereby found and determined and declared that the regular municipal election held in and for said City on November 7, 1995,was in all respects duly and legally held and the returns thereof have been duly canvassed. The City Council, acting as canvassing board pursuant to Minnesota rule 8235.1100, certifies that the results of the recount of votes for Mayor are as follows: For Mayor,two year term: Michael Beard 1536 Jeff M. Henderson 1541 Write Ins 15 Under Votes 15 Over Votes 0 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SHAKOPEE, MINNESOTA, that Jeff M. Henderson is duly elected mayor, for a two year term, commencing January, 1996.. Adopted in Adjourned Regular Session of the City Council of the City of Shakopee, Minnesota, held this 14th day of November, 1995. Mayor of the City of Shakopee ATTEST: City Clerk Approved as to form. 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