HomeMy WebLinkAbout2008/01/28 - ADMIN - Agenda Packets - City Council - Study SessionJanuary 28, 2008
6:00 p.m. Board and Commission Interview
6:30 p.m. City Council Study Session, Council Chambers
Discussion Items
1. 6:30 p.m. Future Study Session Agenda Planning
2. 6:35 p.m. Southwest Transit Update
3. 7:20 p.m. Metropolitan Council – Legislative Update
4. 7:50 p.m. Long Range Financial Management Plan
5. 8:50 p.m. Human Rights Commission Annual Report and Work Plan
6. 9:05 p.m. Review Agenda for City Council Workshop
7. 9:15 p.m. Communications (verbal)
Written Reports
8. December Financial Report
9. Quarterly Investment Report (October-December 2007)
9:25 p.m. Adjourn
Auxiliary aids for individuals with disabilities are available upon request. To make arrangements, please call the Administrative Services
Department at (952) 924-2525 (TDD (952) 924-2518) at least 96 hours in advance of meeting.
Meeting Date: January 28, 2008
Agenda Item #: 1
Regular Meeting Public Hearing Action Item Consent Item Resolution Ordinance
Presentation Other:
EDA Meeting Action Item Resolution Other:
Study Session Discussion Item Written Report Other:
TITLE:
Future Study Session Agenda Planning – February 11, 2008.
RECOMMENDED ACTION:
Council and the City Manager to set the agenda for the Monday, February 11, 2008 study session,
which will start at 6:30 p.m.
POLICY CONSIDERATION:
Does the Council agree with the agenda as proposed?
BACKGROUND:
At each study session, approximately five minutes are set aside to discuss the next study session
agenda. For this purpose, attached please find the tentative agenda and proposed discussion items
for the study session on February 11.
FINANCIAL OR BUDGET CONSIDERATION:
None.
VISION CONSIDERATION:
None.
Attachment: Tentative Study Session Agenda for February 11, 2008
Prepared by: Nancy Stroth, City Clerk
Approved by: Tom Harmening, City Manager
Meeting of January 28, 2008 (Item No. 1) Page 2
Subject: Future Study Session Agenda Planning
Future Study Session Agenda Planning
Tentative Discussion Items
Monday, February 11, 2008 – 6:30 p.m.
1. Future Study Session Agenda Planning – Administrative Services (5 minutes)
2. Vision Update - Environmental – Administrative Services (45 minutes)
Staff will provide the Council with an update on the Vision strategic direction of
environmental stewardship to the community.
3. Human Rights Commission 2007 Annual Report 2008 Work Plan – Police (20 minutes)
The City Council reviewed the Human Rights Commission’s work plan and annual report at
their study session on January 28, 2008. The Human Rights Commissioners and staff
liaisons will discuss the Annual Report and Work Plan with Council. Council will be asked
to provide feedback to the Commissioners.
4. Wireless Project Update – Information Resources (45 minutes)
To be determined
5. Communications – Administrative Services (10 minutes)
Time for communications between staff and Council will be set aside on every study session
for the purposes of information sharing.
8:35 p.m. End of Meeting
Meeting Date: January 28, 2008
Agenda Item #: 2
Regular Meeting Public Hearing Action Item Consent Item Resolution Ordinance
Presentation Other:
EDA Meeting Action Item Resolution Other:
Study Session Discussion Item Written Report Other:
TITLE:
Southwest Transit Update.
RECOMMENDED ACTION:
None required at this time. Jim Brimeyer will provide the Council with an update on the activities
of the Southwest Transit Policy Advisory Committee.
POLICY CONSIDERATION:
No new policy considerations at this time. The City continues to support the development of transit
in the Southwest corridor.
BACKGROUND:
Transit planning for the Southwest corridor continues with the Hennepin County Regional Rail
Authority (HCRRA). Approximately a year ago, three alternatives were chosen to move forward for
further study (please see attached map). These alternatives will be the focus of the next step in the
process - the Draft Environmental Impact Statement (DEIS). As stated in the last newsletter:
“The purpose of the EIS is to provide a full and open evaluation of environmental issues
and alternatives, and to inform decision-makers and the public of reasonable alternatives that
could avoid or minimize adverse impacts and enhance the quality of the environment. Public
input is a major part of the EIS process and therefore, multiple opportunities for input will
be provided.”
For St. Louis Park, this includes looking at the effects of the alternatives on the community,
including impacts of potentially rerouting heavy rail, and the mitigation measures that would be
needed to alleviate any impacts.
Funding has been a subject of many meetings, and a Funding Subcommittee met several times in the
past year to discuss alternatives and strategies. Attached are some materials related to requests for
funding.
One option is bonding; the attached materials note that HCRRA is requesting $10 million in 2008
state bonding for the next portions of the studies. This recommendation was not included in the
Governor’s bonding proposal. Another option is a metro sales tax; attached is a chart showing how
a Metro sales tax would be governed. Another option is the gas tax. Mr. Brimeyer will discuss these
options with the City Council.
FINANCIAL OR BUDGET CONSIDERATION:
None.
Meeting of January 28, 2008 (Item No. 2) Page 2
Subject: Southwest Transit Update
VISION CONSIDERATION:
The development of the Southwest Transitway is consistent with the Council’s Strategic Direction
for promoting regional transportation issues and related dedicated funding sources affecting St.
Louis Park including but not limited to Hwy. 100 and SWLRT.
Attachments: Map of Alignments
Proposed Communication Plan around SW Transitway Legislative Request
Model Resolution Supporting HCRRA Request for Bonding
Sample Letter of Support
Chart on Metro Sales Tax for Transportation – Governance System
Prepared by: Marcia Honold, Management Assistant
Meg McMonigal, Planning and Zoning Supervisor
Approved by: Tom Harmening, City Manager
Meeting of January 28, 2008 (Item No. 2)
Subject: Southwest Transit Update Page 3
Meeting of January 28, 2008 (Item No. 2)
Subject: Southwest Transit Update Page 4
Meeting of January 28, 2008 (Item No. 2)
Subject: Southwest Transit Update Page 5
Meeting of January 28, 2008 (Item No. 2)
Subject: Southwest Transit Update Page 6
Meeting of January 28, 2008 (Item No. 2)
Subject: Southwest Transit Update Page 7
Meeting Date: January 28, 2008
Agenda Item #: 3
Regular Meeting Public Hearing Action Item Consent Item Resolution Ordinance
Presentation Other:
EDA Meeting Action Item Resolution Other:
Study Session Discussion Item Written Report Other:
TITLE:
Metropolitan Council – Legislative Update.
RECOMMENDED ACTION:
None required at this time. Metropolitan Councilmember District 6 Peggy Leppik (the City’s
representative at the Met Council) is interested in meeting with the City Council annually and will
lead the discussion with the City Council.
POLICY CONSIDERATION:
None.
BACKGROUND:
Staff has met with Metropolitan Councilmember Peggy Leppik and has updated her on the City
Council’s legislative priorities for the 2008 state legislative session. Councilmember Leppik will have
information about the Metropolitan Council’s legislative platform, livable communities and is
interested in hearing the City Council’s thoughts on these and other issues.
FINANCIAL OR BUDGET CONSIDERATION:
None.
VISION CONSIDERATION:
None.
Attachment: None
Prepared by: Marcia Honold, Management Assistant
Approved by: Tom Harmening, City Manager
Meeting Date: January 28, 2008
Agenda Item #: 4
Regular Meeting Public Hearing Action Item Consent Item Resolution Ordinance
Presentation Other:
EDA Meeting Action Item Resolution Other:
Study Session Discussion Item Written Report Other:
TITLE:
Long-Range Financial Management Plan (FMP).
RECOMMENDED ACTION:
This item is intended to provide the City Council with background information on the FMP prior to
the retreat on February 1 and 2. This report will identify some of the significant items that will need
to be addressed during the next ten years. Staff’s goal for our upcoming discussions is mutual
understanding of our current financial position and using that to explore possibilities to enhance our
position in the future.
POLICY CONSIDERATION:
Staff is not requesting specific policy direction at this time. Rather, the purpose of this discussion is
to build awareness of our financial position
BACKGROUND:
The attached pages show historical, current budget, and future projections for all of the tax-
supported funds of the city. These projections are only as good as the underlying assumptions that
are used for prediction. Actual results will never meet the plan exactly but it is useful as a planning
document to estimate the direction and magnitude of changes in our operations and their impact on
taxpayers. Although the city does have some items to address, we are in tremendous financial shape.
We have low debt, a growing tax base, and citizens who are willing to pay for the right set of
services.
City funding is complex. Some funding is restricted to specific categories while other funding can be
moved around to help in other areas. Some funds have the ability to raise revenue, while others do
not. In order to be the best fiscal stewards for our taxpayers we will be doing long range planning.
In order to do so effectively, there needs to be an understanding of where we stand and, eventually,
policy direction from the council. Staff wants to make sure that we all have the same understanding
of our current financial situation, understand each other’s views on the use of various funds and
funding sources, and examine possibilities, so that staff can bring back policy considerations and
potential strategies for endorsement by the City Council.
Long-range financial planning is a comprehensive multi-year fiscal guide that reviews all tax
supported funds in the city. It integrates operating expenses with projected capital plans, debt
service, and community growth to show the effect of current year decisions on the city’s long term
financial position. The main purpose of a financial plan is to make sure that changes in service are
sustainable and meet the city’s vision.
A financial plan allows the city to be comfortable knowing that it has sufficient reserves to cover
unanticipated emergencies or legislative changes. It also helps to prioritize new spending requests
against existing commitments. The financial plan will allow the City Council and staff to spot
imbalances and proactively plan changes over several years.
Meeting of January 28, 2008 (Item No. 4) Page 2
Subject: Long-Range Financial Management Plan
This type of planning evens out short term variations in the various funding sources and
expenditures over a longer horizon so that changes in taxes and fees are made gradually and
affordably. As we get further into the process, we will review the impact of our current plans on the
total tax levy, city tax rate, and impact on businesses and residential properties.
Completing an FMP will lead to a better understanding of the implicit policies that guide city
financial decisions. We should take the opportunity while starting the financial management plan to
formalize those policies. While we do have some policies in place, they need to be reviewed to
determine if any changes are warranted. In other areas, we do not have any policies in place other
than following state statute. Best practices indicate that there is a strong correlation between having
good policies in place and city financial performance.
An important thing to remember as we discuss this is that we currently have a roughly $20,000,000
total tax levy. This means a $200,000 levy increase is approximately a 1% property tax increase.
That will give you a rough estimate of the additional tax impact necessary to meet any goals that get
set through this process.
What follows is a summary of the condition of the various “funds” which we will be reviewing.
Please refer to the attached spread sheets for each fund as you read the following narratives
General Fund
Our estimate of inflation in expenditures is at 3% throughout the documents. This may be the first
of our interesting discussions. The Implicit Price Deflator, which the MN Department of Revenue
uses to determine when a Truth-in-Taxation hearing is required, was 6.2% and 4.3% the past two
years. This figure is used rather than the Consumer Price Index (CPI) because it more accurately
reflects the cost increase for the type of purchases that governments make. These percentages
exceed the CPI by a significant margin. The caveat here is that we have an inherent difference
between this index and what our citizens may see as the amount that we “should” be able to increase
our tax levy. The absolute level is not critical to the usefulness of the plan – the fact that we are
considering price level changes should increase the confidence that others can place in the
document.
Another item that we need to consider is how rapidly we change the transfers into the General Fund
from the Police & Fire Pension funds. The policy question is whether we move back to the original
intent for the use of these funds. That policy was to use principal only for capital expenditures while
interest earnings could cover other administrative costs. Currently, we transfer significant dollars out
of the pension fund for dispatch services. These transfers were reduced by $50,000 for the 2008
budget, but will still exceed the amount of interest earnings for quite a few years into the future if we
continue to reduce it by $50,000 annually until the transfer disappears. Starting at $334,000 it takes
until 2015 before the transfer is finally eliminated. This will phase in the tax levy that is required to
replace the revenue.
As the real estate market continues to slow we need to be careful that our allowance for
uncollectible taxes is adequate. During the good times our collection rate was over 99%. Cities did
experience bad tax collections in the commercial/industrial segment in the mid 90’s. The danger is
that when the market goes down they have the ability to file for tax reductions for three years. If
their value is reduced it doesn’t just change the amount of taxes collected in the future, but reduces
prior years. That reduction comes straight off the bottom line from current year collections. Our
$180,000 annual allowance may not be adequate if the country enters a prolonged economic
downturn.
Meeting of January 28, 2008 (Item No. 4) Page 3
Subject: Long-Range Financial Management Plan
Parks and Recreation Fund
Looking forward it appears this fund is stable. In the past, Dutch elm removal has been difficult to
predict and costly. The movement of the vehicle maintenance operations to Park and Rec has
resulted in some transitional steps to be taken that have a modest impact on our tax levy.
Cable TV Fund
Our annual budget shows a deficit for each year as we use the $800,000 + grant from Time Warner
that was part of the agreement for us to take over local origination programming. We need to plan
for the time when the grant funds are gone, as it is assumed that we will continue to run the
programs as they currently exist. This will probably take around $100,000 per year starting about
2016.
Police and Fire Pension Funds
These funds will be significantly reduced over the 10 years contemplated in the plan. Staff’s
assumption is that the Fire pension dollars will be spent when new stations are built starting in 2009.
The remaining Police pension funds will take care of the dispatch transfers until those are
completely eliminated ($50,000 reduction per year). This will leave about $2,000,000 at the end of
the plan assuming no other significant expenditures are made.
Housing Rehabilitation Fund
This fund budgets for the full amount of each housing program type every year, but has not had
actual expenditures anywhere near the total available during recent years. We need to determine the
best way to deal with this issue at a policy level. As Finance Director, I have been recommending
that we only budget the General, Park & Recreation, and enterprise funds since these lend
themselves to annual appropriations. For other special revenue and capital project funds, their
lifecycle doesn’t fit neatly into a yearly box, so budgets don’t have as much significance. One
approach would be to establish a policy to allow expenditure of these funds as long as the use meets
the criteria for the programs paid for from the fund. This would allow Community Development
staff to focus on meeting the housing goals in the Vision plan without the stress of trying to comply
with an annual budget.
Debt Service
This sheet assumes that $8,000,000 in bonds are issued to finance new fire stations. The total debt
needed is subject to change based on actual construction costs and interest rates at the time of
issuance. No other GO bonds are planned during this time frame. As such, this does not take into
account the various initiatives contemplated in Vision SLP and our Strategic Directions (e.g. – civic
facility, sidewalk and trails, etc)
We have one debt service fund that presents a complex question. The 1996B bonds were issued to
construct the Rec Center. They were to be paid from tax increment generated by the Excelsior Blvd
TIF district. Because of rate compression and other changes the legislature made that reduced the
amount of increment, these bonds will not be paid off at the end of the TIF district in 2009. There
is about $7,000,000 that will remain to be paid after the district is closed.
At least two options exist for the payment of these bonds. One would transfer money from the
Permanent Improvement Revolving Fund (see separate section on this fund) to pay the bonds.
There are sufficient funds available to accomplish this and still leave a modest amount to cover small
special assessment projects. Another option would be to use the new tax capacity that will be
created in 2010 due to tax increment districts expiring which will provide additional levy capacity to
pay for the debt service on the bonds. Other options may present themselves as the Finance staff
examines the TIF issues more closely.
Meeting of January 28, 2008 (Item No. 4) Page 4
Subject: Long-Range Financial Management Plan
Pavement Management Fund
This fund is adequate for the projects contemplated through 2012 in the CIP. Beyond that date,
projections become much more difficult. The thought from staff is that construction materials will
not be getting cheaper over time since so much of the cost is based on oil prices. As a result,
although the picture is still unclear, it appears that some amount of additional funding will be needed
to keep ths fund solvent. For illustration purposes, the attached sheet for this fund indicates that as
much as an additional $500,000 per year may be necessary. This need still requires much more
evaluation.
Park Improvement Fund
This fund looks great for the next several years. We spend about $1,000,000 per year to maintain
the park infrastructure. The current CIP doesn’t have that much programmed in the out years 2010-
2012 at this point. However, there likely will be significant projects on the horizon that will require a
significant amount of public process to occur prior to putting a project into the plan. Parks and Rec
doesn’t want to get too far in front of the process and raise neighborhood expectations that can’t be
met.
The wild card that is difficult to quantify is the amount and timing of Park Dedication funds to be
received as property redevelops. Staff anticipates $600,000 from Hoigaard’s and about $900,000
from the Duke/West End project.
Municipal Building Fund
As noted in December, this fund relies on outside fund balance transfers to finance projects.
$350,000 was transferred in anticipation of significant exterior improvements to be performed on
City Hall. After 2009, a new infusion of cash is necessary prior to completing any new projects.
This fund has historically needed between $80-100,000 per year.
Technology Replacement Fund
This fund needs about $500,000 on an annual basis, but has relied on transfers of fund balance from
other areas in the past. This really is an ongoing operation and should be funded with a reliable
revenue stream.
Permanent Improvement Revolving Fund
The origins of this fund are long buried and unclear to anyone currently in the Finance Department.
The typical method of operation is to have a PIR fund pay for all of the small projects to be specially
assessed that won’t be big enough for their own bond issue. Then the fund is repaid as people pay
the assessments over time. The interest charged on the loans was sufficient to keep the fund self-
perpetuating. Staff will be proposing in the next couple of months to transfer most of the special
assessment receivables from the funds they are currently being held in to this fund and transferring
cash back to those funds to offset the expense already incurred.
This fund is also an option to pay off the Rec Center bonds. There would be significantly less
money in this fund if we use it to pay the $7,000,000 principal and interest that will remain after
2009.
Meeting of January 28, 2008 (Item No. 4) Page 5
Subject: Long-Range Financial Management Plan
Development Fund
This fund is made up of two components that have different funding restrictions. The vast majority
– about $20,000,000 came from the non-TIF revenues from redevelopment projects prior to 1996.
This came from land sale proceeds and interest earnings before the law was changed to designate
those revenues as increment. The remaining portion – about $4,000,000 – came from the HRA levy
that the City Council instituted in 2001 to offset reductions in the amount of tax increment
generated after the property tax system changed.
Staff believes the non-TIF portion is unrestricted and could possibly be transferred to any
authorized city use. However, the policies previously adopted by the City Council for the use of
these dollars were by in large for economic development and redevelopment purposes. By statute,
the HRA funds do have significant restrictions and are only available for housing, redevelopment
and infrastructure costs. As of today, those funds are being used to assist in funding significant and
much needed infrastructure improvements in the future.
Equipment Replacement Fund
For some time this fund covered only the cost of wheeled equipment. With the adoption of the
2008-2012 CIP, the use has changed to cover all equipment of the city except for technology items.
The funding source for this fund is depreciation costs that are charged to each department to cover
the cost of the money “loaned” to purchase the equipment. Staff sees this as the equivalent of a
direct tax levy, but the accountability factor that accompanies this repayment does help temper
requests for new items. Adding things like the Fire Department’s SCBA equipment will cause the
amount of general fund expense to rise on an annual basis.
Employee Flexible Spending Fund
This fund is a conglomeration of items, some of which are difficult to predict annually for
departments. The costs covered by this fund are workers compensation, tuition reimbursement,
unemployment, and severance pay. Workers compensation costs are budgeted in the various
departments with the funds being transferred into this fund to pay the bills. Through discussions
with HR, we learned that there has not been a corresponding funding source for the other items.
That caused the transfer of $350,000 in December to replenish this fund.
At this point we don’t have a very good estimate of the annual costs for tuition, unemployment, and
severance pay. However, these are real costs and need to be paid on an annual basis. This should
probably come from either an annual transfer from the General Fund or a dedicated tax levy.
Uninsured Loss Fund
The primary reason for this fund’s existence is to cover potential claims from the time when the city
self-insured for workers compensation. These claims are paid out randomly without us having a
good method to predict their occurrence. We also cover our insurance deductibles from this fund.
Our annual cost for insurance deductible purposes is capped at $150,000 by the League of
Minnesota Cities Insurance Trust (LMCIT), our carrier. We have run at a level around $100,000 per
year prior to implementing the no-fault sewer backup insurance. With a fund balance of just under
$1,000,000, the only significant revenue is interest earnings. Those are around 4% at this time which
only generates $40,000 per year. This fund may need additional cash in the future depending on the
level of claims experience.
FINANCIAL OR BUDGET CONSIDERATION:
None required at this time. The results of this discussion will affect future budget plans and tax
levies.
Meeting of January 28, 2008 (Item No. 4) Page 6
Subject: Long-Range Financial Management Plan
VISION CONSIDERATION:
We have yet to include significant vision items in the document. They will probably show up in
multiple areas – primarily the Park Improvement Fund, Housing Rehabilitation Fund, Development
Fund, and future bonding. Many of these items are currently listed as unfunded in our CIP.
Attachments: Fund Cash Flow sheets and supporting documentation
Prepared by: Bruce DeJong, Finance Director
Approved by: Tom Harmening, City Manager
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Meeting Date: January 28, 2008
Agenda Item #: 5
Regular Meeting Public Hearing Action Item Consent Item Resolution Ordinance
Presentation Other:
EDA Meeting Action Item Resolution Other:
Study Session Discussion Item Written Report Other:
TITLE:
Human Rights Commission Annual Report and Work Plan.
RECOMMENDED ACTION:
The purpose of this report is to provide the City Council with the work plan and annual report
prepared by the Human Rights Commission (HRC) in advance of the meeting with the
commissioners.
POLICY CONSIDERATION:
Not applicable.
BACKGROUND:
The City Council has requested draft copies of each commission’s work plan and annual report prior
to the annual meeting with the commissions. The 2008 HRC Work Plan and the 2007 Annual
Report are attached for council’s review and discussion.
FINANCIAL OR BUDGET CONSIDERATION:
Not applicable.
VISION CONSIDERATION:
Not applicable.
Attachments: Human Rights Commission 2007 Annual Report
Human Rights Commission 2008 Work Plan
Prepared by: Marney Olson, Community Liaison
Reviewed by: John Luse, Chief of Police
Approved by: Tom Harmening, City Manager
Meeting of January 28, 2008 (Item No. 5) Page 2
Subject: Human Rights Commission Annual Report and Work Plan
2007 Human Rights Commission Annual Report
The following report is based on the work performed by the Human Rights Commission, set by the
2007 HRC work plan.
Priorities
Connecting and supporting minority communities
Worked with adult education to reach out to learners from diverse backgrounds.
In April the HRC worked with community Education and the ELL classes and had a “mini forum”
at Central Community Center with the ELL students. Each commissioner met with two or three
ELL students to discuss things they like about St. Louis Park, areas for improvement, and other
general comments about living in St. Louis Park. This event was a great way to begin working with
the ELL classes and the HRC is looking forward to partnering with the ELL classes in the future.
Plan follow-up for July, 2006 Somali Community Forum and work with groups such as Somali
Action Alliance and Jewish Community Action to reach out to immigrant and minority
communities.
Early in 2007 Chair Karmit Bulman contacted Somali Action Alliance and Jewish Community
Action and let them know the HRC would be happy to work with them on a follow up to the 2006
Somali Forum. No further plans were made for 2007.
Hosted the 2007 International Film series.
In pursuit of its goal to “cultivate a community that embraces principles of equity and respect for all
citizens,” the St. Louis Park Human Rights Commission (HRC) sponsored an international film
series in 2007 with the help of an Arts & Culture Grant.
One of the goals of the film series was to showcase the amazing diversity of cultures and
experiences woven into the fabric of St. Louis Park. The aim was not only to draw a diverse group
of moviegoers together, but also to provide an opportunity for questions and discussion following
the film.
The 2007 International Film Series included the following films which were shown from July
through November:
The Letter: Director Ziad H. Hamzeh explores what American news outlets have dubbed the
‘Somali Invasion’ of Lewiston, Maine – an insulated, predominantly white former mill town
struggling to maintain its equilibrium in the wake of the 9/11 tragedy.
The speakers following the film were St. Louis Park Mayor Jeff Jacobs and Somali Elder Mohamed
Hassan Mohamud. Movie available from St. Louis Park HRC.
Lost Boys of Sudan: Lost Boys of Sudan is an Emmy-nominated feature-length documentary that
follows two Sudanese refugees on an extraordinary journey from Africa to America. Safe at last
from physical danger and hunger, a world away from home, they find themselves confronted with
the abundance and alienation of contemporary American suburbia.
The speakers following the film were Ellen Lowry, Lead ELL Teacher for Community Education,
and Gabriel Solomon. Gabriel was a refugee who moved to Fargo, ND at age six from Sudan. He
is currently a graduate student at the University of Minnesota. Movie available at Blockbuster.
Meeting of January 28, 2008 (Item No. 5) Page 3
Subject: Human Rights Commission Annual Report and Work Plan
PaperClips: Whitwell, TN is a small, rural community of less than 2000 people. Its citizens are
almost exclusively white and Christian. In 1998, the children of Whitwell Middle School took on an
inspiring project launched out of their principals desire to help her students open their eyes to the
diversity of the world and understand the holocaust. What happened would change the students,
their teachers, their families, and the entire town forever. . .and eventually open hearts and minds
around the world.
Jodi Ellowitz led the discussion following the film. Ms. Ellowitz is the Director of Education for
Jewish Community Relations Council of Minnesota and the Dakotas (JCRC) and Tolerance
Minnesota, an award-winning educational initiative of the JCRC. She specializes in Holocaust
education and is schooled in survivor testimony, art, literature and the history of the Holocaust. She
also wrote a study guide that goes with the PaperClips book. Movie available at Blockbuster.
Postville: When Cultures Collide: Postville explores the struggles and rewards, complexity and
comedy of instant multiculturalism. Through the prism of Postville, Iowa (population 1500), this
documentary examines what happens when a once homogenous town becomes a new model for the
American melting pot. This program investigates the roots of cultural misunderstanding, explores
the meaning of community, showcases the manifestation of underlying racism and offers a glimpse
into what might be the future of small town America.
Dr. and Rabbi Joseph Shagalow was the discussion leader following the movie. Dr. Shagalow is a
resident of St. Louis Park and led a fantastic discussion using his personal experience, his familiarity
with the town of Postville, and answered questions about Judaism and Jewish customs. Movie
available from St. Louis Park HRC.
Made in L.A. – Made in L.A. follows the remarkable story of three Latina immigrants working in
Los Angeles garment sweatshops as they embark on a three-year odyssey to win basic labor
protections from a mega-trendy clothing retailer. Made in L.A. reveals the impact of the struggle on
each woman’s life as they are gradually transformed by the experience. Compelling, humorous,
deeply human, Made in L.A. is a story about immigration, the power of unity, and the courage it
takes to find your voice.
Karla Buchmann was the discussion leader following Made in L.A. Ms. Buchman is a Job Developer
at Communidades Latinas Unidas EN Servicio (CLUES) which is Minnesota’s premier provider of
behavioral health and human services to the Latino Community. Available from St. Louis Park
HRC.
The film series was very successful, and there was standing room only for the first film. Many
moviegoers commented on the strength of the discussion leaders which added to the film
experience. Three of the films are owned by the Human Rights Commission. The other two films
are available at Blockbuster.
Participate in community events such as Parktacular and Children First Ice Cream Social in
order to reach out to the St. Louis Park community.
On May 20, 2007, the HRC participated in the Children First Ice Cream Social. HRC brochures,
posters, and buttons were available and the ELL classes let us borrow their students’ posters that
told why they moved to America. This year we also provided HRC coloring sheets and this was a
huge hit with the kids, which allowed time to answer questions from parents.
Meeting of January 28, 2008 (Item No. 5) Page 4
Subject: Human Rights Commission Annual Report and Work Plan
Community & Youth Education
Work with key individuals in the school district to explore outreach and education opportunities.
The HRC and CEAC (Community Education Advisory Council) held a joint meeting April 17, 2007.
The purpose of the meeting was to discuss ways the HRC and CEAC can work together to reach
their goals. This meeting was a great way to connect the HRC with Community Education.
Ongoing Commission Work
Responded to bias crimes as they occurred in partnership with the Police Department.
Sponsored a Human Rights Essay Contest winner for the state competition each year.
Selected an annual Human Rights Award winner for St. Louis Park.
The 2007 Human Rights Award was awarded to Raleigh Kent for her involvement in the Women’s
Dialogue Group which has been meeting for six years.
Other Projects
In 2007 the HRC participated in the Meadowbrook National Night Out Party. This was a great
opportunity to connect with the neighborhood and share information about the Human Rights
Commission.
The St. Louis Park City Council adopted the following strategic direction on March 19, 2007: St.
Louis Park is committed to being a connected and engaged community. Focus will be on:
Directing the Human Rights Commission to examine the Diversity section of Vision St. Louis
Park and develop goals/recommendations for actions. The HRC is examining Vision at each
monthly meeting and will continue this work in 2008. The HRC has taken the initial Diversity
task force document and created a new document broken down by like categories such as
Communications, Human Resources, Community Development and Other Vision Teams. In
2008 work will continue with city staff and Vision Champions to review the new document and
plan next steps.
Meeting of January 28, 2008 (Item No. 5) Page 5
Subject: Human Rights Commission Annual Report and Work Plan
Human Rights Commission 2008 Work Plan
Mission: The purpose of the human rights commission shall be to advise the city council in its
efforts to ensure all citizens protection of their human rights and full and equal opportunity for
participation in the affairs of this community. The commission assists individuals and groups in
cultivating a community that embraces principles of equity and respect for all of its citizens.
Priorities
Connecting and supporting minority communities
Work with adult education to reach out to learners from diverse backgrounds.
Work with groups such as Somali Action Alliance and Jewish Community Action and others
as necessary to complete the mission of the Human Rights Commission.
Continue outreach to immigrant and minority communities.
Work with Community Education to co-sponsor 2008 International Film series.
Participate in community events such as Children First Ice Cream Social and National Night
Out in order to reach out to the St. Louis Park community.
Community & Youth Education
Work with key individuals in the school district to explore outreach and education
opportunities including, but not limited to, increasing participation in Kindergarten
Roundup.
Vision St. Louis Park
Examine the Diversity section of Vision St. Louis Park and develop goals/recommendations
for actions.
Ongoing Commission Work
Respond to bias crimes as they occur in partnership with the Police Department.
Sponsor a Human Rights Essay Contest winner for the state competition each year.
Sponsor a Human Rights Poster Contest winner for the state competition.
Select annual Human Rights Award winners for St. Louis Park.
Meeting Date: January 28, 2008
Agenda Item #: 6
Regular Meeting Public Hearing Action Item Consent Item Resolution Ordinance
Presentation Other:
EDA Meeting Action Item Resolution Other:
Study Session Discussion Item Written Report Other:
TITLE:
Agenda for City Council Workshop.
RECOMMENDED ACTION:
No formal action requested. Staff asks that Council review and comment on the draft agenda for
the workshop being held on February 1 and 2.
POLICY CONSIDERATION:
Is the proposed agenda in line with policy conversations the Council desires to have at the
workshop?
BACKGROUND:
During the last study session the City Council discussed possible topics for its upcoming workshop.
From that conversation, staff has compiled a draft agenda which contains the topic areas the
Council expressed an interest is covering. These topic areas include Marketing and Branding,
Intergovernmental Relations, Vision SLP/Strategic Directions, and Long Range Financial Planning.
Time will also be available for other topics that the Council desires to discuss.
FINANCIAL OR BUDGET CONSIDERATION:
None at this time.
VISION CONSIDERATION:
The topic areas for the workshop touch on or are directly related to the Strategic Directions the City
Council has adopted.
Attachment: Draft Agenda
Prepared by: Tom Harmening, City Manager
Meeting of January 28, 2008 (Item No. 6) Page 2
Subject: Agenda for City Council Workshop
Tentative Agenda
City Council Workshop
Friday, February 1, 2008
5:00 p.m. – 9:00 p.m.
Saturday, February 2, 2008
9:00 a.m. – 3:00 p.m.
Japs Olson
FRIDAY, FEB. 1
Pre-meeting Tour of Japs Olson facility (tentative – staff is
working on this)
5:00 p.m. – 9:00 p.m.
City Council, Tom, Nancy and Bridget will be present.
5:00 p.m. Agenda Review and Setting the Stage for the
Evening (this will include identifying other topics the
Council may wish to discuss later in the evening)
5:20 p.m. Marketing and Branding Update (staff is
suggesting we discuss this at this point in the agenda as a
lead in to the discussion on Intergovernmental Relations)
6:00 p.m. Dinner
Meeting of January 28, 2008 (Item No. 6) Page 3
Subject: Agenda for City Council Workshop
6:30 p.m. Marketing and Branding Update (con’t.)
6:45 p.m. Discussion on Intergovernmental Relations
7:45 p.m. Break
8:00 p.m. Additional Topics Council may wish to discuss
9:00 p.m. Adjournment
SATURDAY, FEB. 2
City Council, City Manager and Department Heads present
(Bridget facilitating)
8:45 a.m. Coffee and Donuts etc
9:00 a.m. Agenda Review
9:20 a.m. Discussion on Vision SLP and Strategic
Directions.
Meeting of January 28, 2008 (Item No. 6) Page 4
Subject: Agenda for City Council Workshop
This will involve a summary of where we have been, the
steps which have been taken since the last retreat and
proposed “next steps”. This will also include a report out
by staff and an opportunity for an interactive question and
answer session. Key policy questions Council will be asked
to consider include:
• Does the City Council still agree with the four Strategic
Directions it adopted in March, 2007
• What course corrections, if any, need to be made on
the steps staff is undertaking to address the Strategic
Directions
• Is the City Council comfortable with the approach
proposed for “next steps”.
11:00 a.m. Break
11:15 a.m. Long Range Financial Planning
The intent of the item is to allow for mutual understanding
of the importance of long range financial planning, the
City’s financial structure and the resources it has available to
it, and the possibilities which may exist to enhance our
financial position.
It is not intended or expected that hard and fast decisions
will be made during this time. Rather, staff will be looking
for direction from a policy perspective of options and
possibilities it should or should not consider as it prepares a
more detailed strategic financial plan for the Council to
Meeting of January 28, 2008 (Item No. 6) Page 5
Subject: Agenda for City Council Workshop
consider in the future. If time permits, a conversation could
also occur on the City’s process for establishing its annual
budget. From a policy perspective, is the Council
comfortable with the current approach or would it prefer
that changes be made.
12:15 p.m. LUNCH
1:00 p.m. Continue Discussion on Long Range Financial
Planning
2:15 p.m. Break
2:30 p.m. Wrap Up
Clarify what needs to be clarified. Short debrief of the
workshop.
3:00 p.m. Adjournment
Meeting Date: January 28, 2008
Agenda Item #: 7
Regular Meeting Public Hearing Action Item Consent Item Resolution Ordinance
Presentation Other:
EDA Meeting Action Item Resolution Other:
Study Session Discussion Item Written Report Other:
TITLE:
Communications (verbal).
RECOMMENDED ACTION:
Not Applicable.
POLICY CONSIDERATION:
Not Applicable.
BACKGROUND:
At every Study Session, verbal communications will take place between staff and Council for the
purpose of information sharing.
FINANCIAL OR BUDGET CONSIDERATION:
Not Applicable.
VISION CONSIDERATION:
Not Applicable.
Attachments: None.
Prepared and Approved by: Tom Harmening, City Manager
Meeting Date: January 28, 2008
Agenda Item #: 8
Regular Meeting Public Hearing Action Item Consent Item Resolution Ordinance
Presentation Other:
EDA Meeting Action Item Resolution Other:
Study Session Discussion Item Written Report Other:
TITLE:
December 2007 Monthly Financial Report.
RECOMMENDED ACTION:
No action required at this time. This is a written report for information sharing purposes.
POLICY CONSIDERATION:
None.
BACKGROUND:
This report is designed to provide summary information regarding the overall level of revenues and
expenditures in both the General Fund and the Park and Recreation Fund. These funds should be a
primary concern in analyzing the City’s financial health because they represent the discretionary use
of tax levy dollars.
For the fiscal year, actual revenues and expenditures should generally run about 100% of the annual
budget. Currently, the General Fund has expenditures totaling 96.8% and the Park and Recreation
Fund expenditures are at 107.1%. Significant variances exceeding budget are highlighted below
accompanied with a general discussion for the variance.
General Fund
Expenditures:
• Finance expenditures appear to exceed budget because two contract employees hired to help
fill vacancies left by the departure of staff have not been allocated out to departments. The
Finance employees who left were allocated to the enterprise funds and EDA.
• Human Resources expenditures are slightly over budget due to additional advertisements for
open positions and personnel testing/assessments.
Parks and Recreation
Expenditures:
• Park Maintenance is exceeding budget due to costs in supplies, contractual services, electric
service and heating gas.
• The Environmental Department is exceeding budget because the City is continuing to
experience a lot of tree removal work due to Dutch Elm for the year. This will be partially
offset by resident billing revenue.
• Vehicle Maintenance is exceeding budget due to increased costs in motor fuel purchases,
tires, equipment parts and equipment maintenance service.
Revenues:
• Parks and Recreation revenues exceed budget projections. Finance staff is reviewing
additional adjusting entries necessary for this fund, but we believe that the department will
come in close to a balanced budget with the final numbers.
Meeting of January 28, 2008 (Item No. 8) Page 2
Subject: December 2007 Monthly Financial Report
Please note the figures discussed are interim and as additional entries, analysis and year end work
papers are prepared for the audit, Finance will provide an updated report.
FINANCIAL OR BUDGET CONSIDERATION:
None required at this time.
VISION CONSIDERATION:
Not applicable.
Attachments: Monthly Financial Reports
Prepared by: Brian A. Swanson, Assistant Finance Director
Reviewed by: Bruce DeJong, Finance Director
Approved by: Tom Harmening, City Manager
1/23/2008CITY OF ST LOUIS PARK 10:08:08R5509FDO SLCOUNCIL1
1Page -Expenditure Report by CompanySt Louis Park Monthly Expenditure Council Report
12/31/2007
Description
Annual
Budget
Current Month
Actual
YTD
Balance Balance
Exp.
%
Avail.
%
01000 GENERAL FUND
100 GENERAL 21.50 21.50-.0 .0
105 LEGISLATIVE 40.00 90.00 90.00-.0 .0
110 ADMINISTRATION 982,930.60 68,612.62 930,546.30 52,384.30 94.7 5.3
120 FINANCE 1,053,032.00 84,134.78 1,096,459.92 43,427.92- 104.1 4.1-
130 HUMAN RESOURCES 568,372.46 39,783.89 572,708.43 4,335.97- 100.8 .8-
135 COMMUNITY DEVELOPMENT 1,024,954.14 78,755.12 1,021,334.16 3,619.98 99.6 .4
140 FACILITIES MAINTENANCE 1,164,367.24 103,079.50 1,072,396.63 91,970.61 92.1 7.9
145 TECHNOLOGY & SUPPORT SERVICES 1,490,175.71 107,374.02 1,461,085.83 29,089.88 98.0 2.0
150 COMMUNICATIONS & MARKETING 218,751.47 18,668.22 188,911.85 29,839.62 86.4 13.6
160 POLICE 6,676,103.09 516,684.77 6,261,044.74 415,058.35 93.8 6.2
161 COMMUNITY OUTREACH - POLICE 116,397.35 6,950.76 111,554.26 4,843.09 95.8 4.2
165 FIRE PROTECTION 2,756,522.00 247,253.79 2,741,567.99 14,954.01 99.5 .5
170 INSPECTIONAL SERVICES 1,793,306.00 142,554.38 1,726,346.90 66,959.10 96.3 3.7
175 PUBLIC WORKS 3,840,552.01 340,851.18 3,818,275.70 22,276.31 99.4 .6
01000 GENERAL FUND 21,685,464.07 1,754,743.03 21,002,344.21 683,119.86 96.8 3.2
Meeting of January 28, 2008 (Item No. 8)
Subject: December Financial Report Page 3
1/23/2008CITY OF ST LOUIS PARK 10:09:20R5509FDO SLPCOUCIL2
1Page -Expenditure Report by CompanyExpenditure report for Park & Rec
12/31/2007
Description
Annual
Budget
Current Month
Actual
YTD
Balance Balance
Exp.
%
Avail.
%
02000 PARK AND RECREATION
200 ORGANIZED RECREATION 1,223,354.00 65,325.89 1,203,639.12 19,714.88 98.4 1.6
210 PARK MAINTENANCE 1,333,381.73 103,850.28 1,390,200.14 56,818.41- 104.3 4.3-
220 ENVIRONMENT 276,597.52 26,765.21 528,988.13 252,390.61- 191.2 91.2-
230 WESTWOOD 452,084.59 30,333.56 451,927.57 157.02 100.0 0.0
240 RECREATION CENTER 1,319,599.56 85,047.01 1,319,668.29 68.73- 100.0 0.0
250 VEHICLE MAINTENANCE 994,373.73 120,772.48 1,104,870.11 110,496.38- 111.1 11.1-
02000 PARK AND RECREATION 5,599,391.13 432,094.43 5,999,293.36 399,902.23-107.1 7.1-
Meeting of January 28, 2008 (Item No. 8)
Subject: December Financial Report Page 4
1/23/2008CITY OF ST LOUIS PARK 10:10:50R5509FIN1 LOGIS001
1Monthly Financial Report Page -By Co (pb), Object
2007
200712/31/2007 <==========================================>20062007
Description
Annual
Budget
Current
Period
YTD
Actual
Budget
Balance
Per Cent
Used
|
|
Prior Year
Budget
Same Period Prior
Year YTD Actual
Per Cent
Used
01000 GENERAL FUND
4000 REVENUES & EXPENSES
4001 REVENUES
4010 GENERAL PROPERTY TAXES
4011 CURRENT AD VALOREM 13,170,348.00- 5,274,467.47- 10,730,167.64- 2,440,180.36- 81.47 |13,001,118.00-11,044,258.81- 84.95
4012 DELINQ AD VALOREM 39,075.05- 143,951.06- 143,951.06 |16,658.94
4013 FISCAL DISPARITY 764,083.97- 1,497,272.12- 1,497,272.12 |1,035,334.52-
4016 PENALTIES/INTEREST 3,374.81- 9,071.78-9,071.78 |4,433.20-
4018 MARKET VALUE HOMESTEAD CREDIT |987,893.68
4010 GENERAL PROPERTY TAXES 13,170,348.00-6,081,001.30-12,380,462.60-789,885.40-94.00 |13,001,118.00-11,079,473.91-85.22
4100 LICENSES & PERMITS
4101 LICENSES 507,700.00-1,831.00- 563,725.50- 56,025.50 111.04 |491,700.00-318,816.70- 64.84
4200 PERMITS 2,128,800.00- 144,956.14- 2,376,411.25- 247,611.25 111.63 |2,233,800.00-2,607,968.31- 116.75
4100 LICENSES & PERMITS 2,636,500.00-146,787.14-2,940,136.75-303,636.75 111.52 |2,725,500.00-2,926,785.01-107.39
4270 FINES & FORFEITS
4271 MUNICIPAL COURT 300,000.00- 18,122.20- 234,547.73- 65,452.27- 78.18 |300,000.00-312,956.09- 104.32
4273 FORFEITURES/PENALTIES 6,500.00-5,139.13-1,360.87- 79.06 |6,500.00-2,461.72- 37.87
4275 LIQUOR VIOLATION FINES 3,000.00-14,000.00- 11,000.00 466.67 |3,000.00-5,000.00- 166.67
4276 MISC LICENSE VIOLATIONS 100.00-35.00-65.00- 35.00 |100.00-2,140.00- 2,140.00
4277 NON-COMPLIANCE VIOLATIONS/FEES 375.00- 1,305.00-1,305.00 |
4279 CONTRACT REIMB.-SNOW REMOVAL 70.00 70.00-|
4270 FINES & FORFEITS 309,600.00-18,497.20-254,956.86-54,643.14-82.35 |309,600.00-322,557.81-104.19
4300 INTERGOVERNMENTAL
4310 FEDERAL |12,888.00-115,518.01- 896.32
4350 STATE 1,189,229.00- 358,363.70- 1,849,956.51- 660,727.51 155.56 |1,335,706.00-3,042,256.47- 227.76
4400 OTHER 439,575.15- 25,424.75- 426,177.11- 13,398.04- 96.95 |411,120.00-414,789.54- 100.89
4300 INTERGOVERNMENTAL 1,628,804.15-383,788.45-2,276,133.62-647,329.47 139.74 |1,759,714.00-3,572,564.02-203.02
4600 CHARGES FOR SERVICES
4601 GENERAL GOVERNMENT 625,028.63- 197,533.73- 643,136.21- 18,107.58 102.90 |603,339.32-648,097.15- 107.42
4700 PUBLIC SAFETY 117,800.00- 14,797.25- 119,815.81-2,015.81 101.71 |117,800.00-104,933.60- 89.08
4800 HIGHWAYS/STREETS 303,000.00-135,324.23- 167,675.77- 44.66 |284,000.00-281,976.74- 99.29
5014 FORFEITED LAND SALE 208.52-208.52-208.52 |
4600 CHARGES FOR SERVICES 1,045,828.63-212,539.50-898,484.77-147,343.86-85.91 |1,005,139.32-1,035,007.49-102.97
5100 SPECIAL ASSESSMENTS
5102 CURRENT 1,195.07- 2,390.14-2,390.14 |1,355.67-
5100 SPECIAL ASSESSMENTS 1,195.07-2,390.14-2,390.14 |1,355.67-
Meeting of January 28, 2008 (Item No. 8)
Subject: December Financial Report Page 5
1/23/2008CITY OF ST LOUIS PARK 10:10:50R5509FIN1 LOGIS001
2Monthly Financial Report Page -By Co (pb), Object
2007
200712/31/2007 <==========================================>20062007
Description
Annual
Budget
Current
Period
YTD
Actual
Budget
Balance
Per Cent
Used
|
|
Prior Year
Budget
Same Period Prior
Year YTD Actual
Per Cent
Used
5200 MISCELLANEOUS 14,862.42- 15,107.02- 15,107.02 5,545.10-
5300 RENT REVENUE 111,400.00-8,333.33- 100,466.64- 10,933.36- 90.19 |101,400.00-101,400.00- 100.00
5330 REFUNDS & REIMBURSEMENTS |5,000.00-8,633.92- 172.68
5200 MISCELLANEOUS 111,400.00-23,195.75-115,573.66-4,173.66 103.75 |106,400.00-115,579.02-108.63
4001 REVENUES 18,902,480.78-6,867,004.41-18,868,138.40-34,342.38-99.82 |18,907,471.32-19,053,322.93-100.77
6001 EXPENDITURES
6002 PERSONAL SERVICES
6010 SALARIES 13,070,190.81 1,046,169.10 12,770,164.46 300,026.35 97.70 |12,429,864.67 12,265,217.72 98.68
6060 PERA 1,103,634.75 88,528.40 1,077,274.86 26,359.89 97.61 |957,521.77 954,828.17 99.72
6075 FICA 638,521.59 50,611.46 638,147.83 373.76 99.94 |603,690.84 610,396.00 101.11
6080 INSURANCE 1,676,253.67 144,258.03 1,641,265.67 34,988.00 97.91 |1,677,294.84 1,597,299.58 95.23
6100 OTHER 369,461.25 31,446.48 409,035.29 39,574.04- 110.71 |353,734.54 408,899.09 115.59
6002 PERSONAL SERVICES 16,858,062.07 1,361,013.47 16,535,888.11 322,173.96 98.09 |16,022,106.66 15,836,640.56 98.84
6210 SUPPLIES
6211 OFFICE SUPPLIES 50,550.00 3,114.24 42,939.61 7,610.39 84.94 |47,200.00 42,634.17 90.33
6212 GENERAL SUPPLIES 82,400.00 6,156.35 53,680.36 28,719.64 65.15 |82,760.00 64,302.09 77.70
6213 FIRE PREVENTION SUPPLIES 7,000.00 2,201.70 3,307.94 3,692.06 47.26 |5,000.00 4,590.78 91.82
6214 OPERATIONAL SUPPLIES 156,825.00 15,011.43 95,839.24 60,985.76 61.11 |132,600.00 91,797.92 69.23
6215 COMPUTER SUPPLIES 3,750.00 90.64 962.08 2,787.92 25.66 |3,500.00 832.11 23.77
6217 SMALL TOOLS 5,200.00 10.65 2,405.55 2,794.45 46.26 |4,536.00 5,109.82 112.65
6218 MOTOR FUELS 2,000.00 2,990.00 3,158.50 1,158.50- 157.93 |1,500.00 106.68 7.11
6221 EQUIPMENT PARTS 21,600.00 8,230.98 19,614.82 1,985.18 90.81 |24,400.00 17,111.32 70.13
6222 BLDG/STRUCTURE SUPPLIES 43,530.00 3,202.11 17,830.56 25,699.44 40.96 |34,750.00 24,218.66 69.69
6223 OTHER IMPROVEMENT SUPPLIES 271,000.00 20,229.70 278,911.69 7,911.69- 102.92 |268,000.00 263,312.39 98.25
6224 LANDSCAPING MATERIALS 6,500.00 670.00 36,091.90 29,591.90- 555.26 |6,500.00 2,590.95 39.86
6225 SUBSISTENCE SUPPLIES 5,150.00 518.76 3,578.69 1,571.31 69.49 |5,000.00 3,612.73 72.25
6226 CLEANING/WASTE REMOVAL SUPPLY 29,943.00 14,690.91 31,748.33 1,805.33- 106.03 |28,643.00 28,646.44 100.01
6227 MERCHANDISE FOR RESALE 1,000.00 1,125.00 125.00- 112.50 |
6210 SUPPLIES 686,448.00 77,117.47 591,194.27 95,253.73 86.12 |644,389.00 548,866.06 85.18
6300 NON-CAPITAL EQUIPMENT
6301 OFFICE EQUIPMENT 8,500.00 3,371.67 24,765.68 16,265.68- 291.36 |8,770.00 7,760.86 88.49
6302 POLICE EQUIPMENT 22,150.00 1,022.62 17,769.89 4,380.11 80.23 |23,160.00 20,546.33 88.71
6303 OTHER 31,600.00 638.95 22,061.19 9,538.81 69.81 |43,860.00 108,976.76 248.47
6304 FIRE EQUIPMENT 1,700.00 3,501.24 3,501.24 1,801.24- 205.96 |5,700.00 7,002.40 122.85
6300 NON-CAPITAL EQUIPMENT 63,950.00 8,534.48 68,098.00 4,148.00-106.49 |81,490.00 144,286.35 177.06
6350 SERVICES & OTHER CHARGES
Meeting of January 28, 2008 (Item No. 8)
Subject: December Financial Report Page 6
1/23/2008CITY OF ST LOUIS PARK 10:10:50R5509FIN1 LOGIS001
3Monthly Financial Report Page -By Co (pb), Object
2007
200712/31/2007 <==========================================>20062007
Description
Annual
Budget
Current
Period
YTD
Actual
Budget
Balance
Per Cent
Used
|
|
Prior Year
Budget
Same Period Prior
Year YTD Actual
Per Cent
Used
6400 PROFESSIONAL SERVICES 1,257,925.00 110,859.56 1,235,617.50 22,307.50 98.23 |1,257,704.38 1,036,175.66 82.39
6700 POSTAGE 133,470.00 7,486.56 135,623.54 2,153.54- 101.61 |130,715.00 110,203.85 84.31
6720 DELIVERY |39.35
6830 COMMUNICATIONS 232,710.00 14,904.01 180,315.06 52,394.94 77.48 |213,425.00 204,532.00 95.83
6900 AWARDS/INDEMNITIES 200.00 200.00 |200.00 23.94 11.97
6950 LEGAL NOTICES 11,000.00 330.71 5,828.88 5,171.12 52.99 |13,000.00 5,602.49 43.10
7000 ADVERTISING 100.00 100.00-|
7050 PRINTING & PUBLISHING 62,760.00 10,822.76 68,930.75 6,170.75- 109.83 |54,758.00 50,048.33 91.40
7100 INSURANCE 96,882.00 9,074.80 107,547.36 10,665.36- 111.01 |96,882.00 94,046.76 97.07
7200 REPAIRS AND MAINTENANCE 421,023.00 13,157.91 279,542.89 141,480.11 66.40 |360,820.00 292,098.80 80.95
7300 UTILITIES 550,096.00 56,143.75 541,360.75 8,735.25 98.41 |419,496.00 439,521.15 104.77
7410 COMPUTER SERVICES 504,000.00 41,811.31 516,602.04 12,602.04- 102.50 |493,000.00 519,479.92 105.37
7500 RENTALS 42,878.00 1,855.89 36,317.11 6,560.89 84.70 |737,951.00 729,798.93 98.90
7550 EQUIPMENT REPLACEMENT CHARGE 428,024.00 35,668.66 428,023.92 .08 100.00 |419,447.00 419,447.04 100.00
7600 EMPLOYEE DEVELOPMENT 294,266.00 4,343.43 222,669.82 71,596.18 75.67 |266,564.00 216,028.85 81.04
7620 TRAVEL/MEETINGS 31,450.00 1,433.26 36,158.30 4,708.30- 114.97 |30,695.00 23,469.30 76.46
7650 EMERGENCY PREPAREDNESS 7,000.00 6,080.67 919.33 86.87 |5,718.00 13,093.82 228.99
7670 LICENSES 3,320.00 185.00 2,578.00 742.00 77.65 |3,220.00 2,276.00 70.68
7699 CAPITAL LEASE PAYMENT |5,584.34
6350 SERVICES & OTHER CHARGES 4,077,004.00 308,077.61 3,803,296.59 273,707.41 93.29 |4,503,595.38 4,161,470.53 92.40
7800 CAPITAL OUTLAY
7803 IMPROVEMENTS OTHER THAN BUILDI 95.30 95.30-|
7804 MACHINERY & AUTO EQUIPMENT |8,639.28
7805 OFFICE FURNITURE & EQUIPMENT 3,771.94 3,771.94-|
7800 CAPITAL OUTLAY 3,867.24 3,867.24-|8,639.28
6001 EXPENDITURES 21,685,464.07 1,754,743.03 21,002,344.21 683,119.86 96.85 |21,251,581.04 20,699,902.78 97.40
8001 OTHER INCOME
8010 TRANSFERS IN
8013 CABLE TV 155,063.00- 12,921.92- 155,063.04-.04 100.00 |155,063.00-155,063.04- 100.00
8014 HOUSING REHABILITATION 192,797.00- 16,066.42- 192,797.04-.04 100.00 |199,211.00-199,211.04- 100.00
8017 MSC 8,746.00-728.83- 8,745.96-.04- 100.00 |41,575.00-41,574.96- 100.00
8019 WATER UTILITY 518,366.00- 43,197.17- 518,366.04-.04 100.00 |483,516.00-483,516.00- 100.00
8021 REFUSE UTILITY 328,351.00- 27,362.58- 328,350.96-.04- 100.00 |312,171.00-312,171.00- 100.00
8022 STORM WATER UTILITY 297,180.00- 24,765.00- 297,180.00-100.00 |311,671.00-311,670.96- 100.00
8023 SANITARY SEWER UTILITY 770,333.00- 64,194.42- 770,333.04-.04 100.00 |722,612.00-722,612.04- 100.00
8024 PENSION 384,000.00- 32,000.00- 384,000.00-100.00 |384,000.00-384,000.00- 100.00
8010 TRANSFERS IN 2,654,836.00-221,236.34-2,654,836.08-.08 100.00 |2,609,819.00-2,609,819.04-100.00
Meeting of January 28, 2008 (Item No. 8)
Subject: December Financial Report Page 7
1/23/2008CITY OF ST LOUIS PARK 10:10:50R5509FIN1 LOGIS001
4Monthly Financial Report Page -By Co (pb), Object
2007
200712/31/2007 <==========================================>20062007
Description
Annual
Budget
Current
Period
YTD
Actual
Budget
Balance
Per Cent
Used
|
|
Prior Year
Budget
Same Period Prior
Year YTD Actual
Per Cent
Used
8060 DISPOSAL OF ASSET
8065 SALE OF SALVAGE 10,063.00- 10,063.00 |
8070 OTHER RECOVERIES 1,500.00-1,942.42-442.42 129.49 1,000.00-1,122.45- 112.25
8070.831 Police 500.00-1,088.80- 2,397.68-1,897.68 479.54 |484.04-
8070 OTHER RECOVERIES 2,000.00-1,088.80-4,340.10-2,340.10 217.01 |1,000.00-1,606.49-160.65
8080 BONDS
8084 CAPITAL LEASE
8100 INTEREST
8101 INTEREST ON INVESTMENTS 301,099.00-60,959.95 362,058.95- 20.25- |173,500.00-303,109.62- 174.70
8102 OTHER INTEREST |.33-
8100 INTEREST 301,099.00-60,959.95 362,058.95-20.25-|173,500.00-303,109.95-174.70
8130 CONTRIBUTIONS/DONATIONS 9,800.00-9,800.00 7,119.50-
8130 CONTRIBUTIONS/DONATIONS 9,800.00-9,800.00 |7,119.50-
8170 ADMINISTRATION FEES 2,500.00-
8171 REVENUE BOND FEES 5,000.00-5,000.00-100.00 |5,000.00-
8174 NSF FEES 1,000.00-100.00- 2,825.00-1,825.00 282.50 |1,000.00-371.33- 37.13
8170 ADMINISTRATION FEES 6,000.00-100.00-7,825.00-1,825.00 130.42 |6,000.00-2,871.33-47.86
8200 MISC REVENUE 328.55-328.55 |141.00-4,680.25- 3,319.33
8001 OTHER INCOME 2,963,935.00-222,425.14-2,626,232.78-337,702.22-88.61 |2,790,460.00-2,929,206.56-104.97
8501 OTHER EXPENSE
8510 TRANSFERS OUT
8550 INTEREST/FINANCE CHARGES 2.17 13.27 13.27-|333.02
8580 MISC EXPENSE 650.00 281.59 368.41 43.32 473.00 1,354.70 286.41
8580.995 Contingency Budget 180,000.00 4,789.04 175,210.96 2.66 |445,580.00 22,400.80 5.03
8580.996 Uncollectable Debt 450.00 2,643.55 2,643.55-|3,760.13
8580 MISC EXPENSE 180,650.00 450.00 7,714.18 172,935.82 4.27 |446,053.00 27,515.63 6.17
8590 BANK CHARGES/CREDIT CD FEES 300.00 4.96 13,401.97 13,101.97- 4,467.32 |300.00 16,739.90 5,579.97
8501 OTHER EXPENSE 180,950.00 457.13 21,129.42 159,820.58 11.68 |446,353.00 44,588.55 9.99
4000 REVENUES & EXPENSES 1.71-5,334,229.39-470,897.55-470,895.84 *********|2.72 1,238,038.16-**********
01000 GENERAL FUND 1.71-5,334,229.39-470,897.55-470,895.84 *********|2.72 1,238,038.16-**********
Meeting of January 28, 2008 (Item No. 8)
Subject: December Financial Report Page 8
1/23/2008CITY OF ST LOUIS PARK 10:10:50R5509FIN1 LOGIS001
5Monthly Financial Report Page -By Co (pb), Object
2007
200712/31/2007 <==========================================>20062007
Description
Annual
Budget
Current
Period
YTD
Actual
Budget
Balance
Per Cent
Used
|
|
Prior Year
Budget
Same Period Prior
Year YTD Actual
Per Cent
Used
02000 PARK AND RECREATION
4000 REVENUES & EXPENSES
4001 REVENUES
4010 GENERAL PROPERTY TAXES
4011 CURRENT AD VALOREM 3,540,854.00- 1,770,427.00- 3,540,854.00-100.00 |2,887,292.00-2,618,989.50- 90.71
4012 DELINQ AD VALOREM |3,627.41
4013 FISCAL DISPARITY |225,362.91-
4016 PENALTIES/INTEREST 107.27-108.19-108.19 |1,229.69-
4010 GENERAL PROPERTY TAXES 3,540,854.00-1,770,534.27-3,540,962.19-108.19 100.00 |2,887,292.00-2,841,954.69-98.43
4100 LICENSES & PERMITS
4200 PERMITS 100.00- 6,300.00-6,300.00 |7,485.00-
4100 LICENSES & PERMITS 100.00-6,300.00-6,300.00 |7,485.00-
4300 INTERGOVERNMENTAL
4350 STATE |50,000.00-26,500.00- 53.00
4400 OTHER 56,402.00- 24,270.53- 55,840.78-561.22- 99.00 |44,702.00-55,011.32- 123.06
4300 INTERGOVERNMENTAL 56,402.00-24,270.53-55,840.78-561.22-99.00 |94,702.00-81,511.32-86.07
4600 CHARGES FOR SERVICES
4601 GENERAL GOVERNMENT 113,150.00- 41,160.39- 341,803.64- 228,653.64 302.08 |148,700.00-130,843.87- 87.99
4900 PROGRAM REVENUE 964,070.00- 26,204.51- 967,927.65-3,857.65 100.40 |999,188.00-976,813.67- 97.76
4600 CHARGES FOR SERVICES 1,077,220.00-67,364.90-1,309,731.29-232,511.29 121.58 |1,147,888.00-1,107,657.54-96.50
5100 SPECIAL ASSESSMENTS
5102 CURRENT 22,958.39- 50,527.74- 50,527.74 |76,676.12-
5103 DELINQUENT |537.62-
5100 SPECIAL ASSESSMENTS 22,958.39-50,527.74-50,527.74 |77,213.74-
5200 MISCELLANEOUS
5300 RENT REVENUE 807,061.00- 177,929.78- 868,792.51- 61,731.51 107.65 |681,072.00-655,363.36- 96.23
5330 REFUNDS & REIMBURSEMENTS 2,000.00-5,300.00- 18,002.73- 16,002.73 900.14 |2,000.00-907.99 45.40-
5200 MISCELLANEOUS 809,061.00-183,229.78-886,795.24-77,734.24 109.61 |683,072.00-654,455.37-95.81
4001 REVENUES 5,483,537.00-2,068,457.87-5,850,157.24-366,620.24 106.69 |4,812,954.00-4,770,277.66-99.11
6001 EXPENDITURES
6002 PERSONAL SERVICES
6010 SALARIES 2,575,797.79 175,673.96 2,557,791.10 18,006.69 99.30 |2,161,008.62 2,146,992.01 99.35
6060 PERA 131,415.11 11,030.48 135,318.24 3,903.13- 102.97 |101,694.45 106,728.70 104.95
6075 FICA 196,435.35 13,201.25 197,271.31 835.96- 100.43 |164,380.53 164,313.39 99.96
6080 INSURANCE 310,528.22 27,086.66 308,409.64 2,118.58 99.32 |262,438.32 254,492.27 96.97
6100 OTHER 72,151.66 8,454.05 119,216.10 47,064.44- 165.23 |50,148.53 79,670.61 158.87
Meeting of January 28, 2008 (Item No. 8)
Subject: December Financial Report Page 9
1/23/2008CITY OF ST LOUIS PARK 10:10:50R5509FIN1 LOGIS001
6Monthly Financial Report Page -By Co (pb), Object
2007
200712/31/2007 <==========================================>20062007
Description
Annual
Budget
Current
Period
YTD
Actual
Budget
Balance
Per Cent
Used
|
|
Prior Year
Budget
Same Period Prior
Year YTD Actual
Per Cent
Used
6002 PERSONAL SERVICES 3,286,328.13 235,446.40 3,318,006.39 31,678.26-100.96 |2,739,670.45 2,752,196.98 100.46
6210 SUPPLIES
6211 OFFICE SUPPLIES 6,950.00 616.52 7,300.72 350.72- 105.05 |5,900.00 5,854.08 99.22
6212 GENERAL SUPPLIES 188,030.00 15,842.54 174,405.86 13,624.14 92.75 |159,880.00 146,834.34 91.84
6214 OPERATIONAL SUPPLIES 18,502.00 412.61 13,190.39 5,311.61 71.29 |16,002.00 23,180.30 144.86
6216 CONCESSION SUPPLIES 64,600.00 5,769.93 70,009.83 5,409.83- 108.37 |64,900.00 59,289.23 91.35
6217 SMALL TOOLS 6,550.00 4,075.87 2,474.13 62.23 |3,550.00 3,256.80 91.74
6218 MOTOR FUELS 259,000.00 41,329.99 324,922.51 65,922.51- 125.45 |9,000.00 12,632.62 140.36
6219 LUBRICANTS/ADDITIVES 9,300.00 621.15 13,489.43 4,189.43- 145.05 |
6220 TIRES 14,000.00 2,054.86 26,161.52 12,161.52- 186.87 |
6221 EQUIPMENT PARTS 106,800.00 12,934.79 117,171.39 10,371.39- 109.71 |2,500.00 4,409.78 176.39
6222 BLDG/STRUCTURE SUPPLIES 36,150.00 5,050.76 44,446.52 8,296.52- 122.95 |33,400.00 26,336.13 78.85
6223 OTHER IMPROVEMENT SUPPLIES 47,100.00 344.50 46,113.23 986.77 97.90 |47,000.00 67,208.05 143.00
6224 LANDSCAPING MATERIALS 11,100.00 110.54 10,107.66 992.34 91.06 |12,000.00 13,312.09 110.93
6226 CLEANING/WASTE REMOVAL SUPPLY 750.00 341.00 1,364.42 614.42- 181.92 |655.03
6210 SUPPLIES 768,832.00 85,429.19 852,759.35 83,927.35-110.92 |354,132.00 362,968.45 102.50
6300 NON-CAPITAL EQUIPMENT
6301 OFFICE EQUIPMENT 200.00 200.00-|590.28
6303 OTHER 4,500.00 8,029.09 3,529.09- 178.42 |4,500.00 3,864.95 85.89
6300 NON-CAPITAL EQUIPMENT 4,500.00 8,229.09 3,729.09-182.87 |4,500.00 4,455.23 99.01
6350 SERVICES & OTHER CHARGES
6400 PROFESSIONAL SERVICES 502,304.00 13,718.38 524,752.94 22,448.94- 104.47 |525,779.00 559,238.37 106.36
6700 POSTAGE 11,375.00 55.79 12,634.50 1,259.50- 111.07 |10,275.00 10,639.33 103.55
6830 COMMUNICATIONS 25,200.00 1,822.92 21,485.69 3,714.31 85.26 |23,550.00 23,193.59 98.49
6950 LEGAL NOTICES 200.00 200.00 |
7000 ADVERTISING 5,650.00 191.50 5,841.67 191.67- 103.39 |5,650.00 10,337.29 182.96
7050 PRINTING & PUBLISHING 36,000.00 35,932.15 67.85 99.81 |36,000.00 34,395.41 95.54
7100 INSURANCE 102,146.00 9,197.07 98,844.06 3,301.94 96.77 |58,346.00 64,241.70 110.10
7200 REPAIRS AND MAINTENANCE 239,550.00 39,748.36 510,648.84 271,098.84- 213.17 |162,550.00 416,203.98 256.05
7300 UTILITIES 409,350.00 30,089.20 426,037.08 16,687.08- 104.08 |448,783.00 415,047.85 92.48
7500 RENTALS 12,280.00 779.66 6,255.42 6,024.58 50.94 |240,617.00 241,344.38 100.30
7550 EQUIPMENT REPLACEMENT CHARGE 129,026.00 10,751.42 129,017.04 8.96 99.99 |112,575.00 112,575.12 100.00
7600 EMPLOYEE DEVELOPMENT 34,525.00 2,883.92 29,471.76 5,053.24 85.36 |27,385.00 24,208.44 88.40
7620 TRAVEL/MEETINGS 11,125.00 655.12 4,946.95 6,178.05 44.47 |10,725.00 5,832.18 54.38
7670 LICENSES 2,000.00 55.50 1,817.18 182.82 90.86 |1,000.00 460.00 46.00
6350 SERVICES & OTHER CHARGES 1,520,731.00 109,948.84 1,807,685.28 286,954.28-118.87 |1,663,235.00 1,917,717.64 115.30
7800 CAPITAL OUTLAY
Meeting of January 28, 2008 (Item No. 8)
Subject: December Financial Report Page 10
1/23/2008CITY OF ST LOUIS PARK 10:10:50R5509FIN1 LOGIS001
7Monthly Financial Report Page -By Co (pb), Object
2007
200712/31/2007 <==========================================>20062007
Description
Annual
Budget
Current
Period
YTD
Actual
Budget
Balance
Per Cent
Used
|
|
Prior Year
Budget
Same Period Prior
Year YTD Actual
Per Cent
Used
7803 IMPROVEMENTS OTHER THAN BUILDI 7,000.00 1,270.00 1,574.96 5,425.04 22.50 |4,500.00
7804 MACHINERY & AUTO EQUIPMENT 12,000.00 10,164.18 1,835.82 84.70 |10,000.00
7806 LANDSCAPE IMPROVEMENTS 874.11 874.11-|117.16
7800 CAPITAL OUTLAY 19,000.00 1,270.00 12,613.25 6,386.75 66.39 |14,500.00 117.16 .81
6001 EXPENDITURES 5,599,391.13 432,094.43 5,999,293.36 399,902.23-107.14 |4,776,037.45 5,037,455.46 105.47
8001 OTHER INCOME
8010 TRANSFERS IN
8011 GENERAL 100,000.00- 100,000.00- 100,000.00-100.00 |
8010 TRANSFERS IN 100,000.00-100,000.00-100,000.00-100.00 |
8060 DISPOSAL OF ASSET
8070 OTHER RECOVERIES |25.00-
8100 INTEREST
8101 INTEREST ON INVESTMENTS 8,000.00-8,000.00-|8,000.00-1,569.64- 19.62
8100 INTEREST 8,000.00-8,000.00-|8,000.00-1,569.64-19.62
8130 CONTRIBUTIONS/DONATIONS 9,100.00-215.00- 11,849.42-2,749.42 130.21 10,000.00-28,673.73- 286.74
8130.980 Fee assistance 7,500.00-500.00 2,311.90 9,811.90- 30.83- |4,300.00-1,390.00 32.33-
8130 CONTRIBUTIONS/DONATIONS 16,600.00-285.00 9,537.52-7,062.48-57.45 |14,300.00-27,283.73-190.80
8170 ADMINISTRATION FEES
8200 MISC REVENUE |195.76-
8001 OTHER INCOME 124,600.00-99,715.00-109,537.52-15,062.48-87.91 |22,300.00-29,074.13-130.38
8501 OTHER EXPENSE
8510 TRANSFERS OUT
8511 GENERAL 8,745.73 728.83 8,745.96 .23- 100.00 |
8510 TRANSFERS OUT 8,745.73 728.83 8,745.96 .23-100.00 |
8550 INTEREST/FINANCE CHARGES 65.42 65.42-|24.14
8560 SCHOLARSHIP PAYMENTS |500.00
8580 MISC EXPENSE
8580.995 Contingency Budget |59,217.00
8580.996 Uncollectable Debt 1,039.25 2,375.75 2,375.75-|530.75
8580 MISC EXPENSE 1,039.25 2,375.75 2,375.75-|59,217.00 530.75 .90
8590 BANK CHARGES/CREDIT CD FEES 11,948.59 11,948.59-|13,335.16
Meeting of January 28, 2008 (Item No. 8)
Subject: December Financial Report Page 11
1/23/2008CITY OF ST LOUIS PARK 10:10:50R5509FIN1 LOGIS001
8Monthly Financial Report Page -By Co (pb), Object
2007
200712/31/2007 <==========================================>20062007
Description
Annual
Budget
Current
Period
YTD
Actual
Budget
Balance
Per Cent
Used
|
|
Prior Year
Budget
Same Period Prior
Year YTD Actual
Per Cent
Used
8501 OTHER EXPENSE 8,745.73 1,768.08 23,135.72 14,389.99-264.54 |59,217.00 14,390.05 24.30
4000 REVENUES & EXPENSES .14-1,734,310.36-62,734.32 62,734.46-**********|.45 252,493.72 *********
02000 PARK AND RECREATION .14-1,734,310.36-62,734.32 62,734.46-**********|.45 252,493.72 *********
Meeting of January 28, 2008 (Item No. 8)
Subject: December Financial Report Page 12
Meeting Date: January 28, 2008
Agenda Item #: 9
Regular Meeting Public Hearing Action Item Consent Item Resolution Ordinance
Presentation Other:
EDA Meeting Action Item Resolution Other:
Study Session Discussion Item Written Report Other:
TITLE:
Quarterly Investment Report (October – December 2007).
RECOMMENDED ACTION:
No action required at this time. This is a written report for information sharing purposes.
POLICY CONSIDERATION:
None.
BACKGROUND:
Our portfolio remains focused on short term cash flow needs, but Finance has locked in some
longer term securities in order to bridge the current downturn in interest rates. Just this Tuesday,
the Federal Reserve Board had an emergency meeting of its Open Market Committee and lowered
the discount rate 0.75%. While not unprecedented, this is a very unusual action that reflects
weakness in the general economy in addition to weakness in the financial sectors related to sub-
prime mortgages and collateralized debt obligations. Rates may continue to fall in an effort to keep
the economy out of a recession.
At December 31, the balance in the city’s money market funds is reasonable and necessary in order
to fund the day to day operations of the City. Our second half tax settlement comes in December
so not all of the money is invested at year end. Commercial paper has been purchased to mature at
specific times throughout the coming year to meet cash flow needs.
A benchmark rate of return has not been established by
our investment policy. Cities generally use a short horizon
benchmark such as the two year Treasury (3.05% at
12/31) or some similar measure. Our current
portfolio yield is roughly 4.70%. This is calculated by
taking the yield times the current value for each investment and dividing the resulting amount by the
total portfolio value. As investments purchased from 2003-2005 mature we will continue to replace
them with higher yielding securities.
Liquidity had been easy to maintain for several months because we experienced a flat yield curve.
That has changed as of the last two weeks. Our primary money market investment is the 4M Fund.
It currently yields an average of 4.67% with daily withdrawal privileges. This compares very well
with the up to 4% yields that are currently available when five year investment options are
considered. This is usually the case - pool investments lag the market – which benefits us when
interest rates decline.
12/31/07 9/30/07
<1 Year 50% 44%
1-2 Years 10% 14%
2-3 Years 9% 13%
>3 Years 31% 29%
Meeting of January 28, 2008 (Item No. 9) Page 2
Subject: Quarterly Investment Report
Investment totals by type are:
FINANCIAL OR BUDGET CONSIDERATION:
None at this time.
VISION CONSIDERATION:
Not Applicable.
Attachments: City Quarterly Investment Report
Economic Development Authority Quarterly Investment Report
Prepared by: Bruce DeJong, Finance Director
Approved by: Tom Harmening, City Manager
Commercial Paper 9,648,899
Agency Bonds 47,413,386
Money Market 16,518,567
City of St. Louis Park
Investments - City
December 31, 2007
Institution Allocation Main Type Maturity Yield Basis
Market Value
12/31/07
Unrealized
Gain or (Loss)
4M City MM 4.67%2,789,527.22
4M Police/Fire MM 4.67%233,204.02
4M LA Court MM 4.67%1,117.56
Citigroup/Smith Barney City FHLB 12/17/2012 4.50% 1,000,000.00 1,003,440.00 3,440.00
Citigroup/Smith Barney Police/Fire FHLB 11/21/2011 5.10% 993,130.00 1,018,130.00 25,000.00
Citigroup/Smith Barney City CP 2/19/2008 5.38% 1,675,785.01 1,708,493.20 32,708.19
Citigroup/Smith Barney City FHLB 3/18/2008 3.07% 731,722.50 747,660.00 15,937.50
Citigroup/Smith Barney City FHLB 7/22/2008 3.10% 727,972.50 744,847.50 16,875.00
Citigroup/Smith Barney Police/Fire FNMA 12/15/2008 3.38% 741,575.70 760,455.90 18,880.20
Citigroup/Smith Barney Police/Fire FFCB 8/25/2009 4.75% 745,312.50 763,597.50 18,285.00
Citigroup/Smith Barney City FHLB 1/4/2012 5.00% 1,000,000.00 1,027,190.00 27,190.00
Citigroup/Smith Barney City FHLB 10/26/2011 5.25% 1,000,310.00 1,029,060.00 28,750.00
Citigroup/Smith Barney Police/Fire CP 3/17/2008 5.02% 748,086.44 762,869.80 14,783.36
9,565,743.90 201,849.25
Prudential/Wachovia City FHLB 11/23/2012 5.00% 1,625,000.00 1,632,616.37 7,616.37
Prudential/Wachovia City FHLMC 9/8/2011 5.50% 1,004,841.00 1,006,910.00 2,069.00
Prudential/Wachovia Cash Police/Fire Cash 506,625.00
3,146,151.37 9,685.37
UBS/Paine Webber City FHLB 7/24/2008 3.30% 730,080.00 745,545.00 15,465.00
Paine Webber MM Police/Fire MM 4.39%118,312.19
Paine Webber MM City MM 4.25%13,343.27
877,200.46 15,465.00
Sterne, Agee & Leach Inc City FHLB 2/12/2010 5.00% 1,067,800.00 1,075,900.00 8,100.00
Sterne, Agee & Leach Inc City F AG MC 2/3/2010 5.10% 1,579,338.67 1,600,784.00 21,445.33
Sterne, Agee & Leach Inc City FHLMC 11/28/2011 5.22% 997,691.00 1,001,830.00 4,139.00
Sterne, Agee & Leach Inc City FHLMC 5/27/2009 5.05% 1,480,050.00 1,500,645.00 20,595.00
Sterne, Agee & Leach Inc City FHLMC 2/27/2009 5.05% 997,090.00 1,012,100.00 15,010.00
Sterne, Agee & Leach Inc City FNMA 11/23/2009 4.96% 1,004,009.72 1,001,100.00 (2,909.72)
Sterne, Agee & Leach Inc City FHLB 8/27/2012 5.05% 1,000,000.00 1,035,900.00 35,900.00
Sterne, Agee & Leach Inc City FNMA 6/22/2011 5.50% 1,943,502.93 1,968,768.00 25,265.07
Sterne, Agee & Leach Inc City FNMA 1/28/2010 4.95% 995,772.78 1,000,400.00 4,627.22
Sterne, Agee & Leach Inc City FHLB 10/29/2012 4.03% 1,030,220.00 1,031,600.00 1,380.00
Sterne, Agee & Leach Inc City FHLB 7/23/2012 4.15% 1,055,967.50 1,048,200.00 (7,767.50)
Sterne, Agee Cash Trust City MM 3.56%52,960.31
13,330,187.31 125,784.40
Wells Fargo City Fr Mac Note 2/2/2012 5.40% 1,500,000.00 1,521,870.00 21,870.00
Wells Fargo City CP 1/30/2008 4.64% 994,565.28 995,958.33 1,393.05
Wells Fargo City CP 1/30/2008 4.74% 994,445.83 995,958.33 1,512.50
Wells Fargo City CP 4/30/2008 4.62% 690,637.50 692,708.33 2,070.83
Wells Fargo City CP 4/24/2008 4.45% 689,248.00 690,006.13 758.13
Wells Fargo City CP 5/8/2008 4.45% 688,099.61 690,006.13 1,906.52
Wells Fargo City CP 5/13/2008 4.65% 588,975.00 590,019.99 1,044.99
Wells Fargo City FHL 12/19/2011 4.65% 1,000,000.00 1,006,560.00 6,560.00
Wells Fargo City FHLMC 7/1/2008 4.00% 246,324.62 251,520.38 5,195.76
Wells Fargo City FHLB 7/25/2008 4.38% 1,482,750.00 1,499,535.00 16,785.00
Wells Fargo Police & Fire FHLB 8/4/2008 4.13% 738,750.00 748,830.00 10,080.00
Wells Fargo City FHLMC 3/1/2009 3.50% 631,530.30 647,326.00 15,795.70
Wells Fargo City Fr Mac Note 1/9/2012 5.30% 1,000,000.00 1,011,000.00 11,000.00
11,341,298.62 95,972.48
Meeting of January 28, 2008 (Item No. 9)
Subject: Quarterly Investment Report Page 3
City of St. Louis Park
Investments - EDA
December 31, 2007
Institution Allocation Main Type Maturity Yield Basis
Market Value
12/31/07
Unrealized
Gain or (Loss)
4M EDA MM 4.67%10,287,642.32
Citigroup/Smith Barney EDA CP 2/13/2008 5.47% 729,875.00 744,720.00 14,845.00
Citigroup/Smith Barney EDA CP 3/7/2008 5.27% 728,221.88 743,947.50 15,725.62
Citigroup/Smith Barney EDA CP 1/31/2008 5.30% 1,000,942.25 1,034,211.30 33,269.05
Citigroup/Smith Barney EDA FHLB 5/27/2008 3.16% 486,875.00 497,190.00 10,315.00
Citigroup/Smith Barney EDA FHLB 6/24/2008 2.75% 488,274.40 500,899.40 12,625.00
Citigroup/Smith Barney EDA FHLB 7/23/2009 5.30% 500,000.00 500,470.00 470.00
Citigroup/Smith Barney EDA FHLB 9/28/2009 5.30% 998,750.00 1,003,440.00 4,690.00
Citigroup/Smith Barney EDA FHLB 9/29/2010 5.38% 1,001,560.00 1,009,380.00 7,820.00
Citigroup/Smith Barney EDA FHLMC 11/24/2010 5.13% 996,220.00 1,009,230.00 13,010.00
Citigroup/Smith Barney EDA FHLB 12/22/2010 5.05% 994,380.00 1,009,690.00 15,310.00
Citigroup/Smith Barney EDA FHLB 10/27/2011 5.38% 999,060.00 1,012,190.00 13,130.00
Citigroup/Smith Barney EDA FHLB 11/23/2012 5.00% 1,000,000.00 1,004,060.00 4,060.00
Citigroup/Smith Barney EDA FHLMC 12/11/2012 5.00% 1,002,361.11 1,004,530.00 2,168.89
Citigroup/Smith Barney EDA FHLB 12/27/2012 4.88% 500,270.83 502,030.00 1,759.17
Citigroup/Smith Barney EDA Cash 182.00
11,576,170.20 149,197.73
Sterne Agee EDA FNMA 1/18/2011 5.10% 1,009,208.33 1,000,400.00 (8,808.33)
UBS/Paine Webber EDA FHLMC 1/23/2008 3.00% 610,950.00 624,406.25 13,456.25
UBS/Paine Webber EDA FHLB 7/30/2008 3.27% 1,459,215.00 1,490,625.00 31,410.00
UBS/Paine Webber EDA FHLB 2/13/2012 5.40% 1,000,000.00 1,017,190.00 17,190.00
UBS/Paine Webber EDA MM 4.25%2,515,653.17
5,647,874.42 62,056.25
Wells Fargo EDA FHLB 7/25/2008 4.38% 741,375.00 749,767.50 8,392.50
Wells Fargo EDA FHLB 8/25/2008 4.00% 1,228,500.00 1,247,262.50 18,762.50
Wells Fargo EDA FHLMC 11/3/2009 5.11% 748,800.00 757,305.00 8,505.00
Wells Fargo EDA FHLB 7/20/2012 5.70% 1,000,000.00 1,030,000.00 30,000.00
3,784,335.00 65,660.00
GRAND TOTAL 73,580,852.40 716,862.15
Meeting of January 28, 2008 (Item No. 9)
Subject: Quarterly Investment Report Page 4