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<br />e <br /> <br />MEETING OF THE ELK RIVER CITY COUNCIL <br />HELD AT THE ELK RIVER CITY HAll <br />MONDAY, MAY 22, 1995 <br /> <br />Members Present: <br /> <br />Mayor Duitsman, Councilmembers Farber, Scheel, Holmgren and <br />Dietz <br /> <br />Members Absent: <br /> <br />None <br /> <br />Staff Present: <br /> <br />Pat Klaers, City Administrator; Lori Johnson, Assistant City <br />Administrator; Sandra Thackeray, City Clerk; Terry Maurer, City <br />Engineer <br /> <br />1. Call Meetinq To Order <br /> <br />Pursuant to due call and notice thereof, the meeting of the Elk River City Council <br />was called to order at 6:00 p.m. by Mayor Duitsman. <br /> <br />2. Consider Council Aqenda <br /> <br />COUNCILMEMBER HOLMGREN MOVED TO APPROVE THE MAY 22, 1995, CITY <br />COUNCIL AGENDA. COUNCILMEMBER FARBER SECONDED THE MOTION. THE <br />MOTION CARRIED 5-0. <br /> <br />e <br /> <br />3. <br /> <br />Consider City Council Minutes <br /> <br />COUNCILMEMBER FARBER MOVED TO APPROVE THE MAY 10, 1995, BOARD OF <br />REVIEW MINUTES AND MAY 15, 1995 CITY COUNCIL MINUTES. COUNCILMEMBER <br />HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 5-0. <br /> <br />4.1 1994 City Audit Presentation <br /> <br />Assistant City Administrator Lori Johnson informed the Council that the general <br />fund balance as of December 31, 1994, is $982,698.00 which was an increase of <br />$39,333.00. She stated that the fund balance represents 26.33% of the 1995 <br />general fund budget. Lori Johnson explained that because the City continues to <br />grow at a rapid pace the general fund budget has had to increase in order to <br />provide the level of services and programs expected by the City's residents. The <br />Assistant City Administrator stated that the City should strive to increase the fund <br />balance in order to keep pace with increases in the budget. <br /> <br />Lori Johnson stated that the City issued $8.753,500.00 of new debt in 1994. She <br />stated that over 57% of the new debt issued is secured by special assessment <br />revenues. She informed the Council that the City's outstanding debt as of <br />December 31, 1994, is $21.999,050.00 which is anincrease of $7.429,950.00 over <br />the total outstanding on December 31, 1993. She further indicated that special <br />assessment debt accounts for over half of the debt outstanding. <br /> <br />e <br /> <br />Gary Groen of Abdo, Abdo and Eick gave an overview of the City's financiol <br />operations. <br />