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City, Council ,'vfinutes <br />May 13, 2002 <br /> <br /> COUNCILMEMBER DIETZ SECONDED THE MOTION. <br /> CARRIED 5-0. <br /> <br />4. Open bhke <br /> <br />Page 2 <br /> <br />THE MOTION <br /> <br />6.1. <br /> <br />Vance Zehringer, President for Lake Orono Improvement Association, 18920 Concord St. <br />NW - indicated he was requesting funds from the Council for the following projects on <br />behalf of the Lake Orono Improvement Association: <br /> <br />Annual goose trapping ~ $2,000 <br />Fish stocking of Lake Orono - $1,000 <br />Water quahty monitoring - $960 <br /> <br />Mr. Zehnnger requested that the funds be available in the city's budget on an ongoing basis. <br /> <br />MAYOR KLINZING MOVED TO APPROVE THE REQUEST FOR FUNDING <br />BY THE LAKE ORONO IMPROVEMENT ASSOCIATION AND THAT <br />FUNDING COME FROM THE COUNCIL CONTINGENCY FUND. <br />COUNCILMEMBER MOTIN SECONDED THE MOTION. THE MOTION <br />CARRIED 5-0. <br /> <br />Mayor Klinzing indicated that the request for ongoing funds would be discussed during the <br />budget process. <br /> <br />Consider Comprehensive Annual Financial Report for the Period Ended December 31 <br /> <br />2001 <br /> <br />Finance Director Lori Johnson and Steve McDonald of Abdo, Eick, and Meyers presented <br />the 2001 Comprehensive Annual Financial Report. <br /> <br />Finance Director Lori Johnson indicated that the City is working at maintaining and raising <br />the City's bond rating. LoriJohnson discussed the issue of the fund balance being at 42.44 <br />percent of the 2001 budget. She noted that the City's target was a 40% fund balance and <br />indicated that the Council could decide what to do with the 2.44% overage. <br /> <br />COUNCILMEMBER DIETZ MOVED TO ACEDPT THE COMPREHENSIVE <br />ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, <br />2001. COUNCILMEMBER MOTIN SECONDED THE MOTION. THE <br />MOTION CARRIED 5-0. <br /> <br />Lori Johnson reviewed the information presented in the Annual Financial Report for the <br />Elk River Fire Department Relief Association. <br /> <br />Waco Street/Highway 10 Signal Project <br /> <br />City Engineer Terry Maurer gave a presentation on the Trunk Highway 10/Waco Street <br />Signalization Project. Terry noted that the City is proposing to assess one-quarter of the <br />City's cost of the signal installation to the commercially zoned property in the southeast <br />quadrant of the intersection. <br /> <br /> <br />