02-05-2001 CC MIN - Laserfiche WebLink

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MEETING OF THE ELK RIVER CITY COUNCIL HELD AT THE ELK RIVER CITY HALL MONDAY, FEBRUARY 5, 2001 Members Present: Members Absent: Staff Present: Mayor Klinzing, Councilmembers Dietz, Kuester, Motin, and Tveite None City Administrator Pat Klaers, City Clerk Sandra Peine, Finance Director Lori Johnson Call Meetinq To Order Pursuant to due call and notice thereof, the meeting of the Elk River City Council was called to order at 7:20 p.m. by Mayor Klinzing. Consider 2/5/2001 Council Agenda THE AGENDA WAS APPROVED BY CONSENSUS AS PRESENTED. Discussion on Financial Mana.qement Plan City Administrator Pat Klaers introduced Rusty Fifield from Ehlers and Associates. He noted that Rusty would be discussing the development of a financial management plan for the City. Rusty Fifield explained that this meeting was a workshop to allow him to begin talking about the process of developing a financial management plan for the City (See attachment). He reviewed the steps the Council would take to complete the Key Financial Strategies plan. Following Rusty's pr_esentation the Council decided to begin the process on March 26 with follow-up meetings on April 23 and May 7. Prior to this meeting, Rusty had requested the Council to come prepared to identify aspects of government financing that the Council wants to be more aware of and issues that the Council would like addressed in the planning process. The Council identified the following issues: · Mayor Klinzin.q - How to plan for providing services with the potential future shortfall in revenue due to decline in growth · Investments, in general, and what is the return on investments compared to other government entities · Arbitrage regulations