Report from the Finance Committee of 9-27-11
    
     Agenda Item #1 - Authorization of Resolution for Issuance of General Obligation Crossover Refunding Improvement Bonds

     Agenda Item #2 - City Financial Dashboard-2nd Quarter

Agenda Item #1 - Staff reviewed the savings of refunding a bond issued in 2005 for Public Improvements in the COR Area.  Per the JPA with Anoka County, the County makes annual payments to the city to cover debt service.  With refunding the current issue with a new bond issue, the city would see a savings of approximately $170,000 in interest costs over the life of the debt, as the interest rate would decrease from 4.41% to approximately 2.12%.  The actual bond sale would come back to city council for approval on November 1, 2011. 

Agenda Item #2:  Staff presented 2nd quarter finanical data which hi-lights the city's cash and investments, debt, fund balances, strategic goals and upcoming events. 

Agenda Item #1:  Motion to Adopt Resolution # 11-10-XXX Authorizing the Issuance of General Obligation Crossover Refunding Improvement Bonds and bring back actual sale of bonds to November 1, 2011 city council meeting.

Agenda Item #2:  Informational only.  Committee made recommendation that cash flow and fund balance summaries reflect same period to date:  Example 2009-2011 reflect data through June.  This has been updated. 

Agenda Item #1:  Motion to confirm the recommendation of the Finance Committee to adopt Resolution #11-10-XXX Authorizing the Issuance of General Obligation Crossover Refunding Improvement Bonds and to bring back actual sale of bonds on November 1, 2011.

Agenda Item #2:  No action needed.  Informational Only.