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HomeMy WebLinkAbout2008/06/09 - ADMIN - Agenda Packets - City Council - Study SessionAGENDA CITY COUNCIL STUDY SESSION COUNCIL CHAMBERS 6:30 P.M. JUNE 9, 2008 Discussion Items 1. 6:30 p.m. Future Study Session Agenda Planning – June 23 2008 2. 6:35 p.m. Presentation of 2007 Consolidated Annual Financial Report (CAFR) – Audit 3. 7:15 p.m. Liquor Licensees - 4 a.m. Closing during Republican National Convention 4. 7:30 p.m. Highway 100 Reconstruction (Full Build) Project Update 5. 8:00 p.m. City/School District Budgets 6. 8:45 p.m. Communications (Verbal) Written Reports 7. City Sales Tax Audit Report 8. Critical Incident Preparedness Training 9. Highway 7 / Wooddale Avenue Interchange Project Update 9:00 p.m. Adjourn Auxiliary aids for individuals with disabilities are available upon request. To make arrangements, please call the Administration Department at 952/924-2525 (TDD 952/924-2518) at least 96 hours in advance of meeting. Meeting Date: June 9, 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 – June 23, 2008. RECOMMENDED ACTION: Council and the City Manager to set the agenda for the June 23, 2008 Study Session. 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 June 23, 2008 canoe ride (5 p.m.) with the Park & Recreation Commission and others and the study session at approximately 7 p.m. FINANCIAL OR BUDGET CONSIDERATION: None. VISION CONSIDERATION: None. Attachment: Future Study Session Agenda Planning for June 23, 2008 Prepared by: Marcia Honold, Management Assistant Approved by: Tom Harmening, City Manager Meeting of June 9, 2008 (Item No. 1) Page 2 Subject: Future Study Session Agenda Planning Future Study Session Agenda Planning Tentative Discussion Items Monday, June 23, 2008 - 5 p.m. Minnehaha Creek Canoe Ride with the Park & Recreation Commission and Others Study Session – 7 p.m. (box lunches will be served) 1. Future Study Session Agenda Planning – Administrative Services (5 minutes) 2. Minnehaha Creek Watershed District & Three Rivers Park District – (60 minutes) Minnehaha Creek Watershed District and Three Rivers Park District staff will discuss creek and park/trail issues with the City Council and staff. Minnetonka city staff may participate in this discussion as well. 3. Possible Other Item Yet To Be Determined – (approximately 30 to 45 minutes) 4. 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. Reports May 2008 Monthly Financial Reports 8:45 to 9:00 p.m. End of Meeting Meeting Date: June 9, 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: Presentation of 2007 Consolidated Annual Financial Report (CAFR) – Audit. RECOMMENDED ACTION: No action required at this time. Council is asked to provide any comments or questions it might have regarding the CAFR/Audit. POLICY CONSIDERATION: Is the City Council comfortable with the manner in which staff is managing the City’s finances and recording and presenting financial transaction data? BACKGROUND: This presentation will allow Steve McDonald from Abdo Eick & Meyers, LLP (the City’s auditor) to discuss the audit, preliminary CAFR, management report, and financial highlights with the City Council. The CAFR has not been finalized, so some figures may still need to be cross-checked. The final CAFR will be submitted to the Office of State Auditor by June 30 and a final copy will be distributed to the City Council at that time. The City is required to have an independent audit performed annually. The auditors work for the City Council, not the city management team. By state statute they are required to present their findings within 30 days of completion of the audit. The audit was completed much more cleanly this year since we were able to hire replacement staff due to previous vacancies. The audit opinion is “unqualified”, which means that Abdo Eick & Meyers, LLP believe the financial statements, as presented by city staff, fairly represent the city’s financial condition as of December 31, 2006. There were three significant deficiencies in internal controls discovered through the audit process but none of these individually or collectively reach the level of a material weakness in our financial procedures. Mr. McDonald will discuss financial highlights in conjunction with his management report. FINANCIAL OR BUDGET CONSIDERATION: This report shows the City of St. Louis Park remains in strong financial condition. Meeting of June 9, 2008 (Item No. 2) Page 2 Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) – Audit VISION CONSIDERATION: Not Applicable. Attachments: 2007 Preliminary Consolidated Annual Financial Report Management Report Minnesota Legal Compliance Letter Prepared by: Bruce DeJong, Finance Director Approved by: Tom Harmening, City Manager Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 3 Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 4 Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 5 Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 6 Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 7 Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 8 Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - 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Audit Page 137 Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 138 Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 139 CITY OF ST. LOUIS PARK ST. LOUIS PARK, MINNESOTA MANAGEMENT LETTER YEAR ENDED DECEMBER 31, 2007 Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 140 June 2, 2008 Honorable Mayor and Council City of St. Louis Park, Minnesota We have audited the financial statements of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the City of St. Louis Park, Minnesota (the City) for the year ended December 31, 2007 and have issued our report thereon dated June 2, 2008. Professional standards require that we provide you with the following information related to our audit. Our Responsibility under Auditing Standards Generally Accepted in the United States of America As stated in our engagement letter, our responsibility, as described by professional standards, is to express opinions about whether the financial statements, prepared by management with your oversight are fairly presented, in all material respects, in conformity with accounting principles generally accepted in the United States of America. Our audit of the financial statements does not relieve you or management of your responsibilities. Our responsibility is to plan and perform the audit to obtain reasonable, but not absolute, assurance that the financial statements are free of material misstatement. As part of our audit, we considered the internal control of the City. Such considerations were solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control. We are responsible for communicating significant matters related to the audit that are, in our professional judgment, relevant to your responsibilities in overseeing the financial reporting process. However, we are not required to design procedures specifically to identify such matters. Significant Audit Findings Our consideration of internal control was for the limited purpose described in the preceding paragraph and would not necessarily identify all deficiencies in internal control that might be significant deficiencies or material weaknesses. However, as discussed below, we identified certain deficiencies in internal control over financial reporting that we consider to be significant deficiencies. A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the entity’s ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the entity’s financial statements that is more than inconsequential will not be prevented or detected by the entity’s internal control. We consider the following deficiency to be a significant deficiency in internal control over financial reporting. Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 141 City of St. Louis Park June 2, 2008 Page 2 2007-1 Preparation of Financial Statements Condition: As in prior years, we were requested to draft the audited financial statements and related footnote disclosures as part of our regular audit services. Recent auditing standards require auditors to communicate this situation to the Council as an internal control deficiency. Ultimately, it is management’s responsibility to provide for the preparation of your statements and footnotes, and the responsibility of the auditor to determine the fairness of presentation of those statements. It is our responsibility to inform you that this deficiency could result in a material misstatement to the financial statements that could have been prevented or detected by your management. Essentially, the auditors can not be part of your internal control process. Criteria: Internal controls should be in place to provide reasonable assurance over financial reporting. Cause: From a practical standpoint we do both for you at the same time in connection with our audit. This is not unusual for us to do with an organization of your size. Effect: The effectiveness of the internal control system relies on enforcement by management. The effect of deficiencies in internal controls can result in undetected errors in financial reporting. Recommendation: It is your responsibility to make the ultimate decision to accept this degree of risk associated with this condition because of cost or other considerations. As in prior years, we have instructed management to review a draft of the auditor prepared financials in detail for their accuracy; we have answered any questions they might have, and have encouraged research of any accounting guidance in connection with the adequacy and appropriateness of classification of disclosure in your statements. We are satisfied that the appropriate steps have been taken to provide you with the completed financial statements. While the City is reviewing the financial statements we recommend that a disclosure checklist be utilized to ensure all required disclosures are presented and the City should agree its financial software to the numbers reported in the financial statements. Management Response: For now, the City’s management accepts the degree of risk associated with this condition and thoroughly reviews a draft of the financial statements. Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 142 City of St. Louis Park June 2, 2008 Page 3 2007-2 Limited segregation of duties over Cash Disbursements, Cash Receipts and Payroll Condition: During our audit we reviewed procedures over cash disbursements, cash receipts, and payroll and found the City to have limited segregation of duties related to these procedures. Criteria: There are four general categories of duties: authorization, custody, record keeping and reconciliation. In an ideal system, different employees perform each of these four major functions. In other words, no one person has control of two or more of these responsibilities. Cause: In the cash disbursements cycle, the Accountant Clerk #1 has control over check stock (custody), prepares the checks, enters transactions into the accounting system, sets up vendors, maintains accounts payable records (recording), opens mail (reconciling), and electronically signs checks (authorization). For the cash receipts cycle, the Account Clerk #1, is a backup for endorsing checks (custody), opens mail and is backup for preparing deposit (reconciling), generates billing statements and maintains accounts receivable records (recording). In the payroll cycle, the Payroll Clerk controls and issues payroll checks to employees (custody), maintains employment records, runs payroll, and prepares checks (recording), and prepares the payroll tax returns (reconciling). Effect: The existence of these limited segregations of duties increases the risk of fraud and error. Recommendation: We recommend the City review responsibilities of staff to limit the number of duties in more than one category one person can perform in each of the major transaction cycles listed above. Management Response: Management is aware of the potential risks present and plans to have further discussion in the current year to reduce the risk and put more efficient controls in place. Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 143 City of St. Louis Park June 2, 2008 Page 4 2007-3 Limited segregation of duties relating to offsite material transactions. Condition: During our audit we reviewed procedures over the billing and collection of receipts at the Rec Center. We noted procedures for scheduling, billing and collecting ice time and building rental has limited segregation of duties. In addition, there are no procedures or tracking concession inventory. Criteria: As previously noted, there are four general categories of duties: authorization, custody, record keeping and reconciliation. In an ideal system, different employees perform each of these four major functions. In other words, no one person has control of two or more of these responsibilities. Cause: Currently, for ice time rental one person is responsible for taking and scheduling reservations for ice time and generates billing statements (recording). The same person opens the mail and receives checks/currency for the ice rentals (custody and reconciling). The outstanding balances are all maintained by this person as well. The building rentals are all handled much the same way as the ice time rentals. As for the inventory within the concession stands, there was not a way to track the inventory through a point of sale type system. Effect: The existence of this limited segregation of duties increases the risk of fraud and error. Possible errors could include billing incorrect amounts or miscoding receipts for entry into the general ledger. In addition, without improved segregation of duties, unapproved write offs or misappropriation of receipts could be concealed. Recommendation: We recommend the City review responsibilities of the Rec Center to limit one person performing more than one of the categories within segregation of duties. In addition, we would recommend the Rec Center utilize the finance department for finance related transactions, such as billing and collecting rentals. The City’s finance department is charged with responsibility over these funds and should be the ones managing the billing and collecting through the established documented procedures. Any processing of finance related transactions outside the finance department adds additional risks. The City is purchasing a point of sale software package for the Rec Center. We would encourage the use of the inventory tracking capabilities this software will allow. Using this type of system can increase efficiencies and reduce risks of lost inventory. Management Response: Management is aware of the potential risks present and plans to have further discussion in the current year to reduce the risk and put more efficient controls in place. A material weakness is a significant deficiency, or combination of significant deficiencies, that result in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected by the entity’s internal control. We do not believe the deficiency above constitutes a material weakness. Compliance As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we performed tests of compliance with certain provisions of Minnesota statutes. However, the objective of our tests was not to provide an opinion on compliance with such provisions. We noted no instances of noncompliance with Minnesota statutes that are required to be reported. Planned Scope and Timing of the Audit We performed the audit according to the planned scope and timing previously communicated to you. Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 144 City of St. Louis Park June 2, 2008 Page 5 Qualitative Aspects of Accounting Practices Management is responsible for the selection and use of appropriate accounting policies. In accordance with the terms of our engagement letter, we will advise management about the appropriateness of accounting policies and their application. The significant accounting policies used by the City are described in Note 1 to the financial statements. No new accounting policies were adopted and the application of existing policies was not changed during the year. We noted no transaction entered into by the governmental unit during the year for which there is a lack of authoritative guidance or consensus. There are no significant transactions that have been recognized in the financial statements in a different period than when the transaction occurred. Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s knowledge and experience about past and current events and assumption about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. The disclosures in the financial statements are neutral, consistent, and clear. Certain financial statement disclosures are particularly sensitive because of their significance to financial statement users. Difficulties Encountered in Performing the Audit We encountered no significant difficulties in dealing with management in performing and completing our audit. Corrected Misstatements Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that are trivial, and communicate them to the appropriate level of management. Management has corrected all such misstatements. In addition, we considered the following entries to be audit adjustments, or correction of management decision. Adjusting Journal Entries JE # 27 Debit Credit 01000-1000-1011-000 CHECKING 5,477$ 04890-4889-4012-000 DELINQ AD VALOREM 5,477 01000-1001-4012-000 DELINQ AD VALOREM 5,477$ 04890-4890-1011-000 CHECKING 5,477 Total 10,954$ 10,954$ Adjusting Journal Entries JE # 28 01000-1000-1120-000 DELIQUENT TAXES 24,586$ 01000-1001-4370-000 MARKET VALUE HOMESTEAD CREDIT 141 01000-1001-4370-000 MARKET VALUE HOMESTEAD CREDIT 24,586 04890-4890-1011-000 CHECKING 24,727 04890-4890-2651-000 UNREALIZED TAXES 24,586 01000-1000-1011-000 CHECKING 24,727$ 01000-1000-2651-000 UNREALIZED TAXES 24,586 04890-4890-1120-000 DELIQUENT TAXES 24,586 04890-4891-4370-000 MARKET VALUE HOMESTEAD CREDIT 141 04890-4891-4370-000 MARKET VALUE HOMESTEAD CREDIT 24,586 Total 98,626$ 98,626$ To adjust delinquent revenue reclassed to EDA fund for prior year receivable balances To reclass Market Value Credit to EDA fund Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 145 City of St. Louis Park June 2, 2008 Page 6 Adjusting Journal Entries JE # 29 Debit Credit 01000-1102-2377-000 Bass Lake/EDI/UP 8,729$ 02700-2722-4368-421 operating grants 20,330 02700-2722-6630-000 OTHER CONTRACTUAL SERVICES 550 02700-2732-6630-000 OTHER CONTRACTUAL SERVICES 54,797 04300-4305-7803-908 Engineering services 17,057 04300-4313-7803-908 Engineering services 10,944 04300-4317-7803-000 IMPROVEMENTS OTHER THAN BUILDI 30,030 01000-1000-2010-000 ACCOUNTS PAYABLE 8,729$ 02700-2700-2010-000 ACCOUNTS PAYABLE 20,880 02700-2700-2030-000 CONTRACTS PAYABLE 54,797 04300-4300-2010-000 ACCOUNTS PAYABLE 30,030 04300-4300-2030-000 CONTRACTS PAYABLE 28,001 Total 142,437$ 142,437$ Adjusting Journal Entries JE # 32 04300-4317-7803-000 IMPROVEMENTS OTHER THAN BUILDI 70,204$ 04300-4300-2450-000 RETAINED PERCENTAGE 70,204$ Total 70,204$ 70,204$ Adjusting Journal Entries JE # 33 01000-1000-2651-000 UNREALIZED TAXES 4,405$ 04890-4890-1120-000 DELIQUENT TAXES 4,405 01000-1000-1120-000 DELIQUENT TAXES 4,405$ 04890-4890-2651-000 UNREALIZED TAXES 4,405 Total 8,810$ 8,810$ Adjusting Journal Entries JE # 52 05000-5000-1202-000 UNBILLED 58,234$ 05100-5100-1202-000 UNBILLED 92,778 05200-5200-1202-000 UNBILLED 34,196 05300-5300-1202-000 UNBILLED 30,036 05000-5000-2050-101 Sales Tax payable 4$ 05000-5001-5001-000 GENERAL CUSTOMERS 58,230 05100-5101-5001-000 GENERAL CUSTOMERS 92,778 05200-5200-2050-101 Sales Tax payable 1,868 05200-5201-5001-000 GENERAL CUSTOMERS 32,328 05300-5301-5004-000 RESIDENTIAL STORM DRAINAGE 30,036 Total 215,244$ 215,244$ To adjust utilities receivable To record additional accounts & contracts payable To record additional retainage To reclass delinquent taxes receivable Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 146 City of St. Louis Park June 2, 2008 Page 7 Disagreements with Management For purposes of this letter, professional standards define a disagreement with management as a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditor’s report. We are pleased to report that no such disagreements arose during the course of our audit. Management Representations We have requested certain representations from management that are included in the management representation letter dated June 2, 2008. Management Consultations with Other Independent Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a “second opinion” on certain situations. If a consultation involves application of an accounting principle to the governmental unit’s financial statements or a determination of the type of auditor’s opinion that may be expressed on those statements, our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants. Other Audit Findings or Issues We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to retention as the governmental unit’s auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention. Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 147 City of St. Louis Park June 2, 2008 Page 8 Other Matters The following are areas that came to our attention during the audit that we feel should be reviewed: Financial Position and Results of Operations Our principal observations and recommendations are summarized on the following pages. These recommendations resulted from our observations made in connection with our audit of the City’s financial statements for the year ended December 31, 2007. General Fund The General fund is used to account for resources traditionally associated with government, which are not required legally or by sound financial management to be accounted for in another fund. The General fund balance increased $161,791 from 2006. The total fund balance is $10,113,906 which is 44.5 percent of the 2008 budgeted expenditures. We recommend the fund balance be maintained at a level sufficient to fund operations until the major revenue sources are received in June. We feel a reserve of approximately 40 to 50 percent of planned expenditures and transfers out is adequate to meet working capital and small emergency needs. At the current level, the fund balance is within the range of what is generally recommended as a minimum. The Minnesota Office of the State Auditor has classified cities’ unreserved fund balance levels relative to expenditures as follows: Percent of Months Planned Expenditures Expenditures on hand Extremely low Under 20 % Under 2.5 Low 21 - 34 2.5 - 4 Acceptable 35 - 50 4 - 6 Moderately high 51 - 64 6 - 7 High 65 - 100 8 - 12 Very high 100 - 150 12 - 18 Extremely high Above 150 Above 18 The State Auditor does group all General and special revenue funds of the City when making this calculation where our calculation is based only on the General fund. The Office of the State Auditor (the OSA) has issued a Statement of Position relating to fund balance stating “a local government should identify fund balance separately between reserved and unreserved fund balance. The local government may assign and report some or all of the fund balance as designated and undesignated.” We recommend local governments adopt a formal policy on the level of unreserved fund balance that should be maintained in the general and special revenue funds. This helps address citizen concerns as to the use of fund balance and tax levels. Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 148 City of St. Louis Park June 2, 2008 Page 9 Purposes and Benefits of an Adequate Fund Balance • Expenditures are incurred somewhat evenly throughout the year. However, currently, property tax and state aid revenues are not received until the second half of the year. An adequate fund balance will provide the cash flow required to finance the General fund expenditures until these revenue sources are received. • The City is vulnerable to legislative actions at the State and Federal level. The State eliminated HACA aid with the 2001 legislative session and imposed reductions of market value credit aid and local government aid for some cities. Levy limits have also been implemented for municipalities in past legislative sessions. An adequate fund balance will provide a temporary buffer against those aid adjustments and levy limits. • Expenditures not anticipated at the time the annual budget was adopted may need immediate Council action. These would include capital outlay replacement, lawsuits and other items. An adequate fund balance will provide the financing needed for such expenditures. • A strong fund balance will assist the City in obtaining, maintaining or improving its bond rating. The result will be better interest rates in future bond sales. Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 149 City of St. Louis Park June 2, 2008 Page 10 A table summarizing the General fund balance in relation to budget follows: Fund General Balance Budget Fund Year December 31 Year Budget 2003 6,834,716$ 2004 19,392,791$ 35.2 % 2004 8,195,292 2005 20,604,950 39.8 2005 8,740,093 2006 21,697,931 40.3 2006 9,952,115 2007 21,866,416 45.5 2007 10,113,906 2008 22,726,875 44.5 Budget Balance to of Fund Percent General Fund Balance as Compared to Budget $19,392,791 $20,604,950 $21,697,931 $21,866,416 $22,726,875 44.5%45.5% 40.3%39.8% 35.2% $- $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 2003 2004 2005 2006 2007 2008 Actual Fund Balance Budget Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 150 City of St. Louis Park June 2, 2008 Page 11 A summary of General fund revenue and expenditures compared to budget and the prior year follows: Variance with Final Budget - Actual Positive Original Final Amounts (Negative) Revenues 19,211,580$ 19,211,580$ 19,548,861$ 337,281$ Expenditures 21,866,416 21,866,416 21,261,602 604,814 Deficiency of revenues under expenditures (2,654,836) (2,654,836) (1,712,741) 942,095 Other financing sources (uses) Transfers in 2,654,836 2,654,836 2,659,532 4,696 Transfers out - - (785,000) (785,000) Total other financing sources (uses)2,654,836 2,654,836 1,874,532 (780,304) Net change in fund balances - - 161,791 161,791 Fund balances, January 1 9,952,115 9,952,115 9,952,115 - Fund balances, December 31 9,952,115$ 9,952,115$ 10,113,906$ 161,791$ Budgeted Amounts • In total, revenue sources provided a favorable variance when compared to budget. The only sources of revenue to fall short of budgeted expectations were property taxes, charges for services, and fines and forfeits, which had variances of $194,855, $56,509, and $32,907, respectively. The positive variances in the other revenue sources created a positive variance in total revenues. • Most functions of expenditures had favorable actual results when compared with budget. The only negative variance occurred within general government, which had a variance of $11,230. Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 151 City of St. Louis Park June 2, 2008 Page 12 A comparison of revenues for the last three years follows: 2005 2006 2007 Taxes 12,478,158$ 12,067,368$ 12,332,531$ 55.6 % Licenses and permits 2,925,914 2,926,785 2,940,449 13.2 Intergovernmental 1,790,230 2,558,652 2,283,250 10.3 Charges of services 1,074,100 1,035,008 1,044,320 4.7 Fines and forfeits 286,003 322,558 276,693 1.2 Special assessments 550 1,356 2,468 - Interest on investments 206,885 303,165 526,336 2.4 Miscellaneous 108,560 131,857 142,814 0.6 Transfers in 2,319,761 2,609,819 2,659,532 12.0 Total revenues 21,190,161$ 21,956,568$ 22,208,393$ 100.0 % Source Total Percent of Revenues and Transfers $- $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 2005 2006 2007 Taxes Licenses and permits Intergovernmental Other Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 152 City of St. Louis Park June 2, 2008 Page 13 A comparison of expenditures for the last three years follows: 2005 2006 2007 General government 5,515,573$ 5,980,358$ 6,630,661$ 30.0 % Public safety 10,018,174 10,816,723 10,797,256 49.0 Public works 3,772,663 3,924,981 3,826,855 17.4 General services 7,627 22,484 6,830 - Transfers out 1,331,323 - 785,000 3.6 Total expenditures and transfers 20,645,360$ 20,744,546$ 22,046,602$ 100.0 % Program Total Percent of Expenditures and Transfers $- $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 2005 2006 2007 General government Public safety Public works General services Transfers out Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 153 City of St. Louis Park June 2, 2008 Page 14 Special Revenue Funds Special revenue funds are used to account for revenue derived from specific taxes or other earmarked revenue sources. They are usually required by Minnesota statute or local ordinance to finance particular functions or activities of government. A summary of fund balances follows: Increase 2007 2006 (Decrease) Major Parks and Recreation 630,327$ 502,402$ 127,925$ Housing Rehabilitation 2,402,328 2,487,080 (84,752) Nonmajor Cable Television 1,560,836 1,504,806 56,030 Community Development (2,645) 3,481 (6,126) Special Service District #1 138,095 112,827 25,268 Special Service District #2 1,406 5,525 (4,119) Special Service District #3 74,068 56,957 17,111 Special Service District #4 14,169 (97) 14,266 Police and Fire Pensions 6,520,923 6,599,310 (78,387) Total 11,339,507$ 11,272,291$ 67,216$ Fund December 31, Fund Balance (deficits) Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 154 City of St. Louis Park June 2, 2008 Page 15 Capital Projects Funds The capital projects funds are used to account for the acquisition and construction of major capital facilities other than those financed by enterprise funds. Included in this group of funds and the fund balance of each at December 31 for 2007 and 2006 is as follows: Increase 2007 2006 (Decrease) Major Permanent Improvement Revolving 8,597,370$ 8,285,222$ 312,148$ Development EDA 26,661,915 25,378,890 1,283,025 Redevelopment District 4,618,469 5,135,282 (516,813) Nonmajor Municipal Building 636,385 545,361 91,024 Park Improvement 860,916 336,406 524,510 Louisiana Court Capital Project 1,117 1,064 53 Street Capital Projects (1,256,764) (361,996) (894,768) 2003 G.O. Improvement - (255) 255 2005A G.O. Capital Project - 481,628 (481,628) Pavement Management 1,678,262 1,616,660 61,602 Total 41,797,670$ 41,418,262$ 379,408$ December 31, Fund Balances (deficits) Fund It appears that most of the capital project funds have sufficient fund balances for working capital. The deficit fund balance within the Street Capital Projects fund should be closely monitored by the City. The City should annually review capital projects and close funds whose associated projects have been completed. Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 155 City of St. Louis Park June 2, 2008 Page 16 Debt Service Funds Debt service funds are a type of governmental fund to account for the accumulation of resources for the payment of interest and principal on debt (other than enterprise fund debt). Debt service funds may have one or a combination of the following revenue sources pledged to retire debt as follows: • Property taxes - Primarily for general City benefit projects such as parks and municipal buildings. Property taxes may also be used to fund special assessment bonds which are not fully assessed. • Tax increments - Pledged exclusively for tax increment/economic development districts. • Capitalized interest portion of bond proceeds - After the sale of bonds, the project may not produce revenue (tax increments or special assessments) for a period of one to two years. Bonds are issued with this timing difference considered in the form of capitalized interest. • Special assessments - Charges to benefited properties for various improvements. In addition to the above pledged assets, other funding sources may be received by Debt Service funds as follows: • Residual project proceeds from the related capital projects fund • Investment earnings • State or federal grants • Transfers from other funds A comparison of the assets of each fund and the remaining bonds outstanding at year end are as follows: Final Total Total Remaining Maturity Cash Assets Bonds Date Hoigaard's 615,661$ 620,569$ -$ Matured G.O. Improvements Bond, 2005A 450,698 452,012 3,580,000 02/01/16 G.O. Tax Increment Refunding Bond, 2005B 1,013,687 1,021,087 1,615,000 02/01/09 G.O. Tax Increment Refunding Bond, 2004 1,032,371 1,041,188 6,530,000 02/01/18 G.O. Improvements Bond, 2003 437,765 438,714 3,030,000 02/01/13 G.O. Tax Increment Refunding Bond, 2002A 375,720 382,812 2,510,000 09/01/09 G.O. Tax Increment Refunding Bond, 2001A 644,042 649,886 3,245,000 02/01/11 G.O. Improvement Bond, 2000 - Reserve 324,842 325,000 - Matured G.O. Improvement Bond, 2000 202,123 4,257,123 4,055,000 02/01/30 G.O. Improvement Bond, 1999 302,025 302,797 1,140,000 02/01/11 Total 5,398,934$ 9,491,188$ 25,705,000$ December 31, 2007 Debt Description The City’s outstanding debt is required to be funded by various resources such as special assessments, tax increments, property taxes, transfers from enterprise funds, etc. Special assessments and tax increments are usually certified once to the County for collection, but tax levies need to be certified annually. The City should review potential uses of remaining net assets in funds that have completed their purpose. TIF funds need to be used for a purpose consistent with the TIF plan and remaining resources in G.O. Improvement bonds can be used for whatever the council deems appropriate. Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 156 City of St. Louis Park June 2, 2008 Page 17 Enterprise Funds The activities of the Enterprise funds include the municipal water utility, sewer utility, refuse, storm water utility and wireless operations. Water Utility Fund A comparison of the past three year’s Water Utility fund operations is as follows: Amount Amount Amount Operating revenues 2,317,049$ 100.0 % 2,913,692$ 100.0 % 3,379,920$ 100.0 % Operating expenses 2,607,123 112.5 2,845,614 97.7 3,172,320 93.9 Operating income (loss) (290,074) (12.5)68,078 2.3 207,600 6.1 Nonoperating revenues 394,382 17.0 93,992 3.2 70,907 2.1 Transfers (839,421) (32.2) (506,965) (17.8) (538,882) (17.0) Change in net assets (735,113)$ (27.7) % (344,895)$ (12.3) % (260,375)$ (8.8) % Cash and temporary investments 1,884,699$ 867,635$ 2,109,647$ Bonds payable -$ -$ 2,440,000$ Revenues Percent of Revenues Percent of Revenues 2005 2006 2007 Percent of $(1,000,000) $(500,000) $- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 2005 2006 2007 Operating revenues Operating expenses Nonoperating revenues Change in net assets Cash and temporary investments Bonds payable The cash balance significantly increased over the prior year. The increase in related to the issuance of a general obligation revenue bond. Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 157 City of St. Louis Park June 2, 2008 Page 18 Sewer Utility Fund A comparison of the past three year’s Sewer Utility fund operations is as follows: Amount Amount Amount Operating revenues 4,366,924$ 100.0 % 4,584,167$ 100.0 % 4,764,432$ 100.0 % Operating expenses 3,904,546 89.4 4,255,400 92.8 4,199,659 88.1 Operating income 462,378 10.6 328,767 7.2 564,773 11.9 Nonoperating revenues 79,775 1.8 105,932 2.3 222,501 4.7 Transfers (720,367) (18.4) (746,060) (17.5) (790,849) (18.8) Change in net assets (178,214)$ (6.0) % (311,361)$ (8.0) % (3,575)$ (2.2) % Cash and temporary investments 2,885,801$ 2,832,423$ 2,581,105$ Revenues Percent of Percent of Revenues Revenues 2005 2006 2007 Percent of $(1,000,000) $- $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 2005 2006 2007 Operating revenues Operating expenses Nonoperating revenues Change in net assets Cash and temporary investments The current cash balance was stable when compared with the prior year. It is important to keep an updated cash flow projection to ensure rates are sufficient to cover increasing costs. Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 158 City of St. Louis Park June 2, 2008 Page 19 Refuse Fund A comparison of the past three year’s Refuse fund operations is as follows: Amount Amount Amount Operating revenues 1,857,808$ 100.0 % 2,124,203$ 100.0 % 2,395,469$ 100.0 % Operating expenses 2,019,204 108.7 2,029,302 95.5 2,019,595 84.3 Operating income (loss) (161,396) (8.7)94,901 4.5 375,874 15.7 Nonoperating revenues 174,886 9.4 184,023 8.7 215,984 9.0 Transfers (345,492) (17.1) (335,617) (16.5) (348,866) (17.3) Change in net assets (332,002)$ (16.4) % (56,693)$ (3.3) % 242,992$ 7.4 % Cash and temporary investments 2,098,728$ 2,018,712$ 2,191,412$ Revenues Percent of Percent of Revenues Revenues 2005 2006 2007 Percent of $(500,000) $- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 2005 2006 2007 Operating revenues Operating expenses Nonoperating revenues Change in net assets Cash and temporary investments Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 159 City of St. Louis Park June 2, 2008 Page 20 Storm Water Utility Fund A comparison of the past three year’s Storm Water Utility fund operations is as follows: Amount Amount Amount Operating revenues 914,051$ 100.0 % 1,169,915$ 100.0 % 1,470,529$ 100.0 % Operating expenses 657,004 71.9 904,916 77.3 942,746 64.1 Operating income 257,047 28.1 264,999 22.7 527,783 35.9 Nonoperating revenues 809,184 88.5 245,002 20.9 49,032 3.3 Transfers (190,241) (29.0) (335,118) (37.0) (317,694) (33.7) Change in net assets 875,990$ 87.6 % 174,883$ 6.6 % 259,121$ 5.5 % Cash and temporary investments 586,531$ 609,679$ 924,907$ Bonds payable 2,550,000$ 2,365,000$ 3,395,000$ Revenues Percent of Percent of Revenues Revenues 2005 2006 2007 Percent of $- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 2005 2006 2007 Operating revenues Operating expenses Nonoperating Change in net assets Cash and temporary investments Bonds payable The cash balance significantly increased over the prior year. The increase in related to the issuance of a general obligation revenue bond. Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 160 City of St. Louis Park June 2, 2008 Page 21 Wireless Fund A summary of the past two year’s Wireless fund operations is as follows: Amount Amount Operating revenues 41,057$ 100.0 % 68,606$ 100.0 % Operating expenses 397,697 968.6 1,151,751 1678.8 Operating loss (356,640) (868.6) (1,083,145) (1578.8) Nonoperating expenses (4,986) (12.1)353 0.5 Change in net assets (361,626)$ (880.7) % (1,082,792)$ (1578.3) % of Sales of Sales 2006 2007 Percent Percent $(1,500,000) $(1,000,000) $(500,000) $- $500,000 $1,000,000 $1,500,000 2006 2007 Operating revenues Operating expenses Nonoperating expenses Change in net assets The first year of operations was reported in 2006. It will be important to monitor the balance in this fund and establish a plan for recovering the deficit balance. Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 161 City of St. Louis Park June 2, 2008 Page 22 Ratio Analysis The following captures a few ratios from the City’s financial statements that give some additional information for trend and peer group analysis. The peer group average consists of an average of Abdo, Eick & Meyers’ client base plus other selected cities of similar size and geographic location. The majority of these ratios facilitate the use of economic resources focus and accrual basis of accounting at the government-wide level. A combination of liquidity (ability to pay its most immediate obligations), solvency (ability to pay its long-term obligations), funding (comparison of financial amounts and economic indicators to measure changes in financial capacity over time) and common-size (comparison of financial data with other cities regardless of size) ratios are shown below. Calculation Source 2004 2005 2006 2007 Debt to assets Total liabilities/total assets Government-wide 23% 23% 20% 19% 27% 26% 27% N/A Debt service coverage Net cash provided by operations/ Enterprise funds 215% 215% 192% 339% enterprise fund debt payments 210% 192% 210% N/A Debt per capita Bonded debt/population Government-wide 819$ 872$ 723$ 708$ 1,230$ 1,228$ 1,278$ N/A Taxes per capita Tax revenues/population Government-wide 484$ 368$ 473$ 439$ 306$ 336$ 381$ N/A Capital assets % left to Net capital assets/Government-wide 75% 68% 67% 66% depreciate - Governmental gross capital assets 67% 66% 66% N/A Capital assets % left to Net capital assets/Government-wide 51% 52% 51% 53% depreciate - Business-type gross capital assets 64% 61% 61% N/A Represents the City of St. Louis Park Peer Group ratio Ratio Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 162 City of St. Louis Park June 2, 2008 Page 23 Debt-to-Assets Leverage Ratio (Solvency Ratio) The debt-to-assets leverage ratio is a comparison of a city’s total liabilities to its total assets or the percentage of total assets that are provided by creditors. It indicates the degree to which the City’s assets are financed through borrowings and other long-term obligations (i.e. a ratio of 50 percent would indicate half of the assets are financing with outstanding debt). 20% 23%23% 19% 26% 27%27% 16% 18% 20% 22% 24% 26% 28% 30% 32% 2004 2005 2006 2007 City ratio Peer group average Debt Service Coverage Ratio (Solvency Ratio) The debt coverage ratio is a comparison of cash generated by operations to total debt service payments (principal and interest) of enterprise funds. This ratio indicates if there are sufficient cash flows from operations to meet debt service obligations. Except in cases where other nonoperating revenues (i.e. taxes, assessments, transfers from other funds, etc.) are used to fund debt service payments, an acceptable ratio would be above 100 percent. 215% 339% 215% 192% 210% 210%192% 100% 150% 200% 250% 300% 350% 400% 2004 2005 2006 2007 City ratio Peer group average Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 163 City of St. Louis Park June 2, 2008 Page 24 Bonded Debt per Capita (Funding Ratio) This dollar amount is arrived at by dividing the total bonded debt by the population of the city and represents the amount of bonded debt obligation for each citizen of the City at the end of the year. The higher the amount, the more resources are needed in the future to retire these obligations through taxes, assessments or user fees. $1,278 $819 $708$723 $872 $1,228$1,230 $- $200 $400 $600 $800 $1,000 $1,200 $1,400 2004 2005 2006 2007 City ratio Peer group average Taxes per Capita (Funding Ratio) This dollar amount is arrived at by dividing the total tax revenues by the population of the city and represents the amount of taxes for each citizen of the city for the year. The higher this amount is, the more reliant the City is on taxes to fund its operations. Of the total taxes, 21 percent is related to tax increments or approximately $120 per capita. $439$484 $368 $473 $381 $336$306 $200 $250 $300 $350 $400 $450 $500 2004 2005 2006 2007 City ratio Peer group average Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 164 City of St. Louis Park June 2, 2008 Page 25 Capital Assets Percentage (Common-size Ratio) This percentage represents the percent of governmental or business-type capital assets that are left to be depreciated. The lower this percentage, the older the city’s capital assets are and may need major repairs or replacements in the near future. A higher percentage may indicate newer assets being constructed or purchased and may coincide with higher debt ratios or bonded debt per capita. Governmental Activities 75% 67% 66% 68% 67% 66%66% 58% 60% 62% 64% 66% 68% 70% 72% 74% 76% 78% 2004 2005 2006 2007 City ratio Peer group average Business-type Activities 51%52%51%53% 61% 64% 61% 40% 45% 50% 55% 60% 65% 70% 75% 2004 2005 2006 2007 City ratio Peer group average Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 165 City of St. Louis Park June 2, 2008 Page 26 Future Accounting Standard Changes The following Governmental Accounting Standards Board (GASB) Statements have been issued and may have an impact on future City financial statements: GASB Statement No. 43 - Financial Reporting for Postemployment Benefit Plans Other than Pension Plans This statement is effective one year prior to the effective date of Statement No. 45 for the employer or largest participating employer in the benefit plan for multiple-employer plans. According to Statement No. 43, “The objective of this Statement is to establish uniform standards of financial reporting by State and local governmental entities for other postemployment benefit plans (OPEB plans). The term other postemployment benefits (OPEB) refers to postemployment benefits other than pension benefits and includes (a) postemployment healthcare benefits and (b) other types of postemployment benefits (for example, life insurance) if provided separately from a pension plan. The term plans, in this context, refers to trust or other funds through which assets are accumulated to finance OPEB, and benefits are paid as they come due. This Statement provides standards for measurement, recognition, and display of the assets, liabilities, and, where applicable, net assets and changes in net assets of such funds and for related disclosures. The requirements of this Statement apply whether an OPEB plan is reported as a trust or agency fund or a fiduciary component unit of a participating employer or plan sponsor, or the plan is separately reported by a public employee retirement system (PERS) or other entity that administers the plan.” GASB Statement No. 45 - Accounting and Financial Reporting by Employers for Post employment Benefits Other Than Pensions This statement is effective in three phases based on a government’s total annual revenues in the first fiscal year ending after June 15, 1999: • Governments that were phase 1 governments for the purpose of implementation of Statement No. 34 - those with annual revenues of $100 million or more - are required to implement this Statement in financial statements for periods beginning after December 15, 2006. • Governments that were phase 2 governments for the purpose of implementation of Statement No. 34 - those with total annual revenues of $10 million or more but less than $100 million - are required to implement this Statement in financial statements for periods beginning after December 15, 2007. • Governments that were phase 3 governments for the purpose of implementation of Statement No. 34 - those with total annual revenues of less than $10 million - are required to implement this Statement in financial statements for periods beginning after December 15, 2008. Statement No. 45 gives the following summary, “In addition to pensions, many state and local governmental employers provide other post employment benefits (OPEB) as part of the total compensation offered to attract and retain the services of qualified employees. OPEB includes post employment healthcare, as well as other forms of post employment benefits (for example, life insurance) when provided separately from a pension plan. This Statement establishes standards for the measurement, recognition, and display of OPEB expense/expenditures and related liabilities (assets), note disclosures, and, if applicable, required supplementary information (RSI) in the financial reports of state and local governmental employers.” Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 166 City of St. Louis Park June 2, 2008 Page 27 GASB Statement No. 49 - Accounting and Financial Reporting for Pollution Remediation Obligations This statement was issued November 2007 and is effective for periods beginning after December 15, 2007, but liabilities should be measured at the beginning of that period so that beginning net assets can be restated. This standard is intended to ensure that certain cost and long-term obligations related to pollution clean up not specifically addressed by current governmental accounting standards will be included in financial reports. The standards set forth the key circumstances under which a government would be required to report a liability related to pollution remediation. A government would have to determine whether one or more components of a pollution remediation liability are recognizable if any of the following five obligating events or triggers occurs: • A government is compelled to take remediation action because pollution creates an imminent endangerment to the public health or welfare or environment, leaving it little or no discretion to avoid remediation action. • A government is in violation of a pollution prevention-related permit or license. • The government is named, or evidence indicates it will be named, by a regulator that has identified the government as a responsible party or potentially responsible party for remediation, or as a government responsible for sharing costs. • A government is named, or evidence indicates that it will be named, in a lawsuit to compel the government to participate in remediation. • A government commences or legally obligates itself to commence clean up activities or monitoring or operation and maintenance of the remediation effort. If any of the above bullets are met, the pollution remediation liabilities should be measured at their current value using the expected cash flow technique, which measures the liability as a sum of probability-weighted amounts in a range of possible estimated amounts. Expected recoveries from other responsible parties and from insurers reduce the amount of remediation expense. Statement No. 49 also specifies criteria for capitalization of some pollution remediation outlays. Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 167 City of St. Louis Park June 2, 2008 Page 28 GASB Statement No. 50 - Pension Disclosures This statement was issued May 2007 and is effective for periods beginning after June 15, 2007, except for requirements related to the use of the entry age actuarial cost method for the purpose of reporting a surrogate funded status and funding progress of plans that use the aggregate actuarial cost method, which are effective for periods for which the financial statements and RSI contain information resulting from actuarial valuations as of June 15, 2007 or later. This statement more closely aligns the financial reporting requirements for pensions with those for OPEB and, in doing so, enhances information disclosed in notes to financial statements or presented as required supplementary information (RSI) by pension plans and by employers that provide pension benefits. The reporting changes required by this statement amend applicable note disclosure and RSI requirements of Statement No. 25 , Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans, and No. 27 , Accounting for Pensions by State and Local Governmental Employers, to conform with requirements of Statement No. 43 , Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, and 45 , Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions. This statement requires defined benefit pension plans and sole and agent employers present the following information related to note disclosures: • Notes to financial statements should disclose the funded status of the plan as of the most recent actuarial valuation date. Defined benefit pension plans also should disclose actuarial methods and significant assumptions used in the most recent actuarial valuation in notes to financial statements instead of in notes to RSI. • If the aggregate actuarial cost method is used to determine the annual required contribution of the employer (ARC), notes to financial statements should disclose the funded status of the plan, and a schedule of funding progress should be presented as RSI, using the entry age actuarial cost method. Plans and employers also should disclose that the purpose of doing so is to provide information that serves as a surrogate for the funded status and funding progress of the plan. • Notes to financial statements should include a reference linking the funded status disclosure in the notes to financial statements to the required schedule of funding progress in RSI. • If applicable, notes to financial statements should disclose legal or contractual maximum contribution rates. In addition, if relevant, they should disclose that the maximum contribution rates have not been explicitly taken into consideration in the projection of pension benefits for financial accounting measurement purposes. • If an actuarial assumption is different for successive years, notes to financial statements should disclose the initial and ultimate rates. Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 168 City of St. Louis Park June 2, 2008 Page 29 GASB Statement No. 51 - Accounting and Financial Reporting for Intangible Assets This statement was issued in June 2007 and is effective for periods beginning after June 15, 2009. The new standard characterizes an intangible asset as an asset that lacks physical substance, is nonfinancial in nature, and has an initial useful life extending beyond a single reporting period. Examples of intangible assets include easements, computer software, water rights, timber rights, patents, and trademarks. This statement requires that intangible assets be classified as capital assets (except for those explicitly excluded from the scope of the new standard, such as capital leases). Relevant authoritative guidance for capital assets should be applied to these intangible assets. The statement provides additional guidance that specifically addresses the unique nature of intangible assets, including: • Requiring that an intangible asset be recognized in the statement of net assets only if it is considered identifiable • Establishing a specified-conditions approach to recognizing intangible assets that are internally generated (for example, patents and copyrights) • Providing guidance on recognizing internally generated computer software • Establishing specific guidance for the amortization of intangible assets. * * * * * This report is intended solely for the information and use of Council, management and the Minnesota Office of the State Auditor and is not intended to be and should not be used by anyone other than these specified parties. Our audit would not necessarily disclose all weaknesses in the system because it was based on selected tests of the accounting records and related data. The comments and recommendations in the report are purely constructive in nature, and should be read in this context. If you have any questions or wish to discuss any of the items contained in this letter, please feel free to contact us at your convenience. We wish to thank you for the continued opportunity to be of service and for the courtesy and cooperation extended to us by your staff. June 2, 2008 ABDO, EICK & MEYERS, LLP Minneapolis, Minnesota Certified Public Accountants Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 169 CITY OF ST. LOUIS PARK ST. LOUIS PARK, MINNESOTA MINNESOTA LEGAL COMPLIANCE YEAR ENDED DECEMBER 31, 2007 Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 170 REPORT ON MINNESOTA LEGAL COMPLIANCE Honorable Mayor and Council City of St. Louis Park, Minnesota We have audited the financial statements of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the City of St. Louis Park, Minnesota (the City), as of and for the year ended December 31, 2007, which collectively comprise the City’s basic financial statements as listed in the table of contents and have issued our report thereon dated June 2, 2008. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the provisions of the Minnesota Legal Compliance Audit Guide for Local Government, promulgated by the Minnesota Office of the State Auditor pursuant to Minnesota statute, section 6.65. Accordingly, the audit included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. The Minnesota Legal Compliance Audit Guide for Local Government covers seven main categories of compliance to be tested: contracting and bidding, deposits and investments, conflicts of interest, public indebtedness, claims and disbursements, tax increment financing and miscellaneous provisions. Our study included all of the listed categories. The results of our tests indicate that for the items tested, the City complied with the material terms and conditions of applicable legal provisions. This report is intended solely for the information and use of the Council, management, others within the City and the Minnesota Office of the State Auditor and is not intended to be and should not be used by anyone other than these specifies parties. June 2, 2008 ABDO, EICK & MEYERS, LLP Minneapolis, Minnesota Certified Public Accountants Meeting of June 9, 2008 (Item No. 2) Subject: Presentation of 2007 Consolidated Annual Financial Report (CAFR) - Audit Page 171 Meeting Date: June 9, 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: Liquor Licensees - 4 a.m. Closing during Republican National Convention. RECOMMENDED ACTION: Council to discuss whether to allow interested on-sale liquor licensees a temporary permit to serve alcohol until 4:00 a.m. from the period of September 1–5 during the 2008 Republican National Convention. POLICY CONSIDERATION: Does the Council wish to allow the temporary 4:00 a.m. closing time to interested on-sale intoxicating liquor licensed establishments during this time period of the Republican National Convention? BACKGROUND: The Minnesota Legislature has recently enacted special and temporary legislation allowing local licensing jurisdictions within the seven-county metropolitan area, at their discretion, to issue special permits for serving alcohol until 4:00 a.m. each day during the Republican National Convention (September 1 – 5, 2008). Only holders of an existing on-sale intoxicating liquor license or a 3.2 malt liquor license are eligible for later closing hours. Staff has conducted a survey of interest with the 26 on-sale licensees. The following licensees have shown an interest: Establishment Interested License Types Bennigan’s 6475 Wayzata Blvd YES Intoxicating On-Sale, Sunday, 2 a.m. closing Doubletree Park Place Hotel 1500 Park Place Blvd YES Intoxicating On-Sale, Sunday, 2 a.m. closing Marriott Mpls West 9970 Wayzata Blvd YES Intoxicating On-Sale, Sunday Santorini’s 9920 Wayzata Blvd YES Intoxicating On-Sale, Sunday, 2 a.m. closing Granite City Food & Brewery 5500 Excelsior Blvd MAYBE Intoxicating On-Sale, Sunday TGI Friday’s 5875 Wayzata Blvd MAYBE Intoxicating On-Sale, Sunday, 2 a.m. closing Meeting of June 9, 2008 (Item No. 3) Page 2 Subject: Liquor Licensees 4 a.m. Closing during Republican Convention Police Chief John Luse has reviewed the new legislation and although additional police staffing would be required, he felt allowing the few interested establishments to remain open until 4:00 during the convention would have a minimal affect on the city. The Marriot and Doubletree Hotels are serving as host hotels for participants in the convention and have indicated they would like to hire off-duty police officers during this four day time period to assist with security and safety related matters. The hotels would be billed for this time under the police departments’ additional duty procedures. This would be in addition to a proposed fee which would partially be used to add patrol officer staffing between 2:00 a.m. and 6:00 a.m. for these four days. The statute authorizes that licensing jurisdictions may limit approval to specified geographic, zoning, or license classifications within its jurisdiction, or to specific days within the time period described. Jurisdictions may also charge a fee of up to $2,500 for issuing this special permit. If the City Council desired to allow the 4 a.m. closing staff would recommend a $300 fee to cover necessary expenses for additional staff time needed by the Police Department and City Clerk If the City Council was comfortable in allowing this later closing time, staff would bring this item to the June 16th Council Meeting with the following action : • Council to adopt Resolution allowing on-sale liquor licensees a temporary permit to serve alcohol until 4:00 a.m. from the period of September 1–5 during the 2008 Republican National Convention with a fee set at $300 per establishment. FINANCIAL OR BUDGET CONSIDERATION: Not Applicable. VISION CONSIDERATION: Not applicable. Attachments: Draft Resolution Prepared by: Nancy Stroth, City Clerk Reviewed by: John Luse, Police Chief Approved by: Tom Harmening, City Manager Meeting of June 9, 2008 (Item No. 3) Page 3 Subject: Liquor Licensees 4 a.m. Closing during Republican Convention DRAFT RESOLUTION RESOLUTION NO. 08-___ RESOLUTION ALLOWING ISSUANCE OF TEMPORARY SPECIAL PERMITS TO ON-SALE INTOXICATING LIQUOR ESTABLISHMENTS IN THE CITY OF ST. LOUIS PARK FOR SERVING ALCOHOL UNTIL 4:00 A.M. FOR THE PERIOD OF SEPTEMBER 1-5, 2008 DURING THE NATIONAL REPUBLICAN CONVENTION WHEREAS, Minnesota Legislature has enacted special and temporary legislation allowing local licensing jurisdictions in the metropolitan area to extend the hours of alcohol service until 4:00 a.m. during the 2008 National Republican Convention held in St. Paul, Minnesota, and WHEREAS, the extended hours would apply only during the period from Monday, September 1, 2008 through Friday, September 5, 2008, and WHEREAS, the temporary special permits would only be allowed to existing on-sale intoxicating liquor licensees for a fee of $300.00, and NOW THEREFORE BE IT RESOLVED the City Council of the City of St. Louis does hereby support authorization to allow the issuance of temporary special permits to existing on-sale intoxicating liquor licensees in the City of St. Louis Park for the serving of alcohol until 4:00 a.m. during the period of September 1-5, 2008. Reviewed for Administration: Adopted by the City Council June 16, 2008 City Manager Mayor Attest: __________________________________ City Clerk Meeting Date: June 9, 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: Highway 100 Reconstruction (Full Build) Project Update. RECOMMENDED ACTION: The purpose of this Report is to update the Council on the current project status, project schedule, and next steps. POLICY CONSIDERATION: Does the City Council wish staff to undertake any specific follow-up action given the possible project scenario outlined below? BACKGROUND: History On May 14, 2007 and again on September 24, 2007 staff met and discussed with Council Mn/DOT’s proposal to reconstruct Highway 100 from W36th Street to Cedar Lake Road (reports attached). Since then staff has retained a consultant (SEH, Inc.) and recently completed a modeling effort aimed at evaluating the Mn/DOT proposed Hwy 100 improvements and options as well as key north – south transportation routes in the City. Modeling results indicate that the proposed Hwy 100 improvements and options, even though related, can be considered separately from the Vision Strategic Direction “Evaluating and investigating additional north/south transportation options for the community”. The next steps contemplated in this process were to be a review of the results with Council and then public information meetings discussing options, impacts, and recommendations. Recent Events Recent oral communications with Mn/DOT staff suggest the proposed Hwy 100 project is undergoing an internal agency review with the explicit intent of minimizing the project and its cost. Even though state transportation funding was increased by the legislature this year, Mn/DOT staff indicate they do not have adequate funding available to meet all needs and are minimizing projects to the maximum extent possible. In particular, it has been suggested the following major changes are being considered for this project: 1. the project will be changed from an improvement project to an infrastructure replacement project 2. project will be shortened to end at about W26th Street 3. the underpass relocation option (to the W25 ½ Street area) will be eliminated from the project 4. the exit ramp at W25 ½ Street will remain open 5. as a result, project costs will be cut by approximately 50% Meeting of June 9, 2007 (Item No. 4) Page 2 Subject: Highway 100 Reconstruction (Full Build) Project Update If these changes are implemented, it appears the City will have very little, if any, opportunity to improve local transportation connections in conjunction with this project. Mn/DOT staff still appears committed to reconstruction occurring in 2015 and 2016. Next Steps Staff has halted all work on this project pending official communications from Mn/DOT regarding possible changes to their proposed project. Once Mn/DOT project changes are known, if any, next steps will be determined and the Council will be informed. Staff would be interested in knowing if the City Council desires staff to undertake any specific action as a result of this new information from MnDOT e.g. contact state legislators It appears that modeling work on the Vision Strategic Direction “Evaluating and investigating additional north/south transportation options for the community” can be finalized and results shared with Council in the near future. FINANCIAL OR BUDGET CONSIDERATION: Not applicable. VISION CONSIDERATION: This modeling effort and proposed highway project complement the following areas of the City’s Vision process: St. Louis Park is committed to being a connected and engaged community. Focus areas: • Developing an expanded and organized network of sidewalks and trails. • Promoting regional transportation issues and related dedicated funding sources affecting St. Louis Park including but not limited to Hwy. 100 and SWLRT. • Evaluating and investigating additional north/south transportation options for the community. • Increasing use of new and existing gathering places and ensuring accessibility throughout the community. Attachments: Study Session Reports of May 14 and September 24, 2007 Prepared by: Mike Rardin, Public Works Director Reviewed by: Scott Brink, City Engineer Kevin Locke, Community Development Director John Luse, Police Chief Approved by: Tom Harmening, City Manager Meeting of June 9, 2007 (Item No. 4) Page 3 Subject: Highway 100 Reconstruction (Full Build) Project Update From Study Session September 24, 2007 - Item No. 4 TITLE: Highway 100 Reconstruction (Full Build) Project Update RECOMMENDED ACTION: The purpose of this discussion will be to provide the City Council information regarding traffic volume changes and shifts in usage of the existing street / highway systems since the Hwy 100 Interim Project was completed and to allow Council an opportunity to provide input on anticipated Phase 2 traffic study tasks and public involvement activities. POLICY CONSIDERATION: Should staff continue forwarding the evaluation and proposed public discussion of the Mn/DOT Hwy 100 project design options? BACKGROUND: History and Recent Activities On May 14, 2007, staff presented Council an update on this project and was directed to implement Phase I of a proposed traffic study aimed at understanding what neighborhood traffic patterns and volumes may result depending on underpass and ramp location options being offered by Mn/DOT. Staff contracted with Short Elliott Hendrickson, Inc (SEH) on June 1st for the Phase I activities which have just been completed. Phase I study activities were aimed at obtaining base information regarding traffic volume changes and shifts in usage of the existing street / highway systems since the Hwy 100 Interim Project was completed. Our consultant will attend the study session to provide a brief summary of their Phase I findings and answer questions. Traffic Study Completion Phase II study activities are expected to complete the traffic study and are planned to consist of: • Transportation Sketch Planning (system possibilities) • Future System(s) Evaluation Phase II activities will be aimed at evaluating the impacts of underpass and ramp location options earlier provided by Mn/DOT as related to the local and county transportation systems in the city. Auto, transit, bicycle, and pedestrian traffic will be considered in this evaluation. In addition, the proposed Southwest Corridor LRT Project as well as the Vision St. Louis Park goal of “Evaluating and investigating additional north/south transportation options for the community” will also need to be considered in this evaluation. As a part of the study session, we intend to do a “Transportation Sketch Planning” exercise to obtain Council member input into possible future transportation system(s). Based on this input, our consultant will create and model a variety of local transportation networks to project probable traffic impacts or changes. Meeting of June 9, 2007 (Item No. 4) Page 4 Subject: Highway 100 Reconstruction (Full Build) Project Update Next Steps and Schedule Staff has identified possible next steps and schedule to move the Hwy 100 reconstruction project forward: 1. Complete Phase II traffic study activities: • This technical work should be completed with results back to Council before the end of November. It is possible additional modeling and evaluation may be necessary based on future Council and resident input or questions during the public involvement process. 2. Create a list of advantages/disadvantages associated with each of the Hwy 100 design options Mn/DOT has given the city: • This work should be completed in conjunction with the completion of the Phase II activities. 3. Conduct a public involvement process to obtain input on transportation network options and associated impacts. Possible steps and schedule being considered by staff are: • Provide information on Mn/DOT options, possible north/south community transportation options, and associated impacts via various citywide communications beginning in October • Conduct a project open house in December or January to provide information on the proposed design • Conduct area or neighborhood meetings beginning in January or February to explain options and impacts and obtain associated resident input • Conclude the public process in the spring or summer of 2008 with a public meeting or open house to present staff recommendations for a local transportation system and options to the public and Council 4. Upon completion of the above described public involvement process, Council discusses and: • Selects or designates a preferred Mn/DOT design (ramp and underpass locations) • Provides direction on a future local transportation system for this northeast area of the city Mn/DOT will have to be consulted with and involved to some degree in the various steps described above. FINANCIAL OR BUDGET CONSIDERATION: This entire study is estimated to cost about $60,000. Phase I activities were estimated at nearly $25,000 with the balance of the study costs attributed to Phase II activities. Specific funds for this work / project are in the process of being identified. Meeting of June 9, 2007 (Item No. 4) Page 5 Subject: Highway 100 Reconstruction (Full Build) Project Update VISION CONSIDERATION: This traffic study and proposed highway project complement the following areas of the recently completed Vision process: St. Louis Park is committed to being a connected and engaged community. Focus areas: • Developing an expanded and organized network of sidewalks and trails. • Promoting regional transportation issues and related dedicated funding sources affecting St. Louis Park including but not limited to Hwy. 100 and SWLRT. • Evaluating and investigating additional north/south transportation options for the community. • Increasing use of new and existing gathering places and ensuring accessibility throughout the community. Attachments: Study Session Report of May 14, 2007 Prepared by: Mike Rardin, Public Works Director Approved by: Nancy Gohman, Deputy City Manager/HR Director Meeting of June 9, 2007 (Item No. 4) Page 6 Subject: Highway 100 Reconstruction (Full Build) Project Update From Study Session May 14, 2007 – Item No. 3 3. Highway 100 Reconstruction (Full Build) Project Update Public Works PURPOSE OF DISCUSSION: The purpose of this discussion is to provide the City Council a brief oral update on the progress of this project and to request the Council reconsider beginning a traffic study at this time as described at the April 9 Study Session. BACKGROUND: On April 9th staff proposed the need to conduct a study to understand what neighborhood traffic patterns and volumes may result depending upon underpass locations offered by Mn/DOT. Such a study would cost approximately $60,000 and would determine at a system level the needs for local arterials / collectors and for neighborhood connectivity. Included in this would be the identification, discussion, and evaluation of the following: • opportunities and constraints • community assets/values • minor arterial routing plans • transit, pedestrian and bicycle needs Traffic changes and volumes would be projected for local arterials / collectors looking at neighborhood connectivity. A study like this will take several months to complete and is expected to provide traffic information to be used in answering the following questions: 1. Where does the City desire an underpass under Hwy 100 north of Minnetonka Blvd? 2. Where does the City desire the Southbound Hwy 100 on-ramp to be located? 3. What possible traffic implications in the area neighborhoods may be expected in relation to the respective underpass options? 4. To what extent will planned LRT affect the regional highways and local street facilities in the future? Will regional State and County highways and the local transportation system work in conjunction with the planned Southwest LRT? DISCUSSION: Council expressed a concern over the need for this work now when state funding for this project is not specifically available at this time. Council also expressed concern over unnecessarily starting a public involvement process if the project is delayed beyond 2014. Staff believes it is necessary to begin this work as soon as reasonably possible as it will take quite some time to do this type of study. In addition, there is no need to begin a public involvement process at this time; actually, that effort should wait until the funding / scheduling issue has been resolved and relevant information regarding underpass options and impacts is available. And, the first part of this study will be to obtain base information regarding traffic volume changes and shifts in usage of the existing system since the Hwy 100 Interim Project was completed. This base work will be needed to aid in our comprehensive planning process even if the Hwy 100 project ultimately ends up being delayed for any reason. Meeting of June 9, 2007 (Item No. 4) Page 7 Subject: Highway 100 Reconstruction (Full Build) Project Update NEXT STEPS: To provide neighborhood traffic information to aid Council in considering Mn/DOT design options, a study as described above should be conducted. In that regard, the following general steps have been identified: 1. Determine Hennepin County role and respective cost participation in this effort (April - June) 2. Retain a consultant for this proposed study (May) 3. Perform the proposed study (June - October) 4. Evaluate the project funding and scheduling situation (May - June) 5. Develop a public involvement plan / process to consider Mn/DOT options assuming project funds become available (June - July) Prepared by: Michael P. Rardin, P.E., Public Works Director Approved by: Tom Harmening, City Manager Meeting Date: June 9, 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: City/School District Budgets. RECOMMENDED ACTION: No action is requested at this time. Staff desires to continue conversations with the City Council regarding how the City might assist the School District with their budget challenges. POLICY CONSIDERATION: What role should the City play in assisting the School District with their budget related issues? BACKGROUND: During the recent joint meeting between the City Council and School Board, the Council invited the School District to submit a list of items that the City could possibly assist with to help ease the budget difficulties the School District is experiencing. This list was submitted on May 19 and the Council discussed this matter briefly at its study session on May 27. From this discussion the Council asked staff to further explore with the School District the ideas presented to the City. The Council also asked staff to bring back for Council consideration relieving the School District of paying for its share of the cost of the two Police Liaison officers assigned to the District. Staff would like to update the Council on where things stand with this matter and to discuss other policy related considerations as we move forward. Examples include: • How do recently enacted levy limits impact this issue? • Would any assistance the City might provide be permanent/long term or short term and subject to being revisited? For example, if the School District were successful with a levy referendum, would this change the complexion of assistance the City might provide? • Should we look at capital improvements identified by the District differently than operational items? • Others?? Discussing these policy questions will be helpful as staff moves forward with the City’s own budgeting process. Meeting of June 9, 2008 (Item No. 5) Page 2 Subject: City/School District Budgets FINANCIAL OR BUDGET CONSIDERATION: Yet to be determined. VISION CONSIDERATION: Not applicable at this time. Attachments: Letters from School District Prepared by: Tom Harmening, City Manager Meeting of June 9, 2008 (Item No. 5) Subject: City/School District Budgets Page 3 Meeting of June 9, 2008 (Item No. 5) Subject: City/School District Budgets Page 4 Meeting of June 9, 2008 (Item No. 5) Subject: City/School District Budgets Page 5 Meeting Date: June 9, 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: 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: June 9, 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: City Sales Tax Audit Report. RECOMMENDED ACTION: No action required at this time. This is a written report for information sharing purposes. Council is asked to provide staff with any comments or questions it might have POLICY CONSIDERATION: None. BACKGROUND: The Minnesota Department of Revenue conducted a sales tax audit of the City in February 2008. The period audited covered three years from November 1, 2004 through October 31, 2007. The two auditors assigned to our review looked at both city purchases and our sales to the public. The total assessed amount due has been determined to be $61,252.88 for the three year period. This consists of sales tax due of $53,859.83 and interest of $7,393.05. No penalty was assessed due to the fact that this was the first time the City has been audited and that no intentional disregard for proper procedure was found. When staff met with the auditors to discuss the audit findings, they stated that this is very typical assessment for a three year period for a metro city of our size. There were three main areas where additional tax was found to be due: • Sales tax had not been collected by the City on some sales transactions, mainly facility room rentals and picnic shelter rentals through Parks & Recreation. Other minor sales items were identified as well, such as photocopies and Cable TV DVD copies. The portion of the tax liability for these sales transactions is $19,022.39. Tax is now being paid to the Department of Revenue each month on these sales. • Effective January 1, 2007, an additional County Stadium tax of .15% went into effect. The auditor identified additional County tax that should have been collected on sales after January 1, 2007 of $1,372.73. This has been corrected and the full 6.65% is now being remitted on all sales. Meeting of June 9, 2008 (Item No. 7) Page 2 Subject: City Sales Tax Audit Report • The auditors reviewed the full year of purchases from January, 2006 through December, 2006. They then applied those findings to the entire period under audit and came up with a total of $44,468.31 in use tax that was not assessed and paid by the City. If vendors do not charge MN sales tax on invoices, it is the City’s responsibility to self-assess use tax and remit it each month. A new procedure has been put in place in May 2008 through the JD Edwards Financial System to assess use tax on future taxable purchases where sales tax has not been charged by the vendor. • After discussions with the auditors, the City was eligible to apply for a refund of use tax that had been assessed over the three year period on Minnesota contractor invoices. Contractors doing business in Minnesota are required to include tax in the cost of their materials, and even if tax is not separately stated on their invoices, the purchaser is not liable for any additional tax. The refund resulted in a reduction of the audit liability of $11,003.60. The total amount levied of $61,252.88 is due to the Minnesota Department of Revenue on or before July 28, 2008. It is likely that the City will be audited again in three years to ensure that corrective actions have been put in place. Staff has gone to additional training since the audit to ensure that proper procedures are followed. The Final Sales Tax and Audit Report is on file in the Finance Department office. Please let staff know if you would like a copy of it. FINANCIAL OR BUDGET CONSIDERATION: It is recommended that the audit liability be paid from General Fund reserves. VISION CONSIDERATION: Not Applicable. Attachments: None Prepared by: Darla Monson, Senior Accountant Reviewed by: Bruce DeJong, Finance Director Approved by: Tom Harmening, City Manager Meeting Date: June 9, 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: Critical Incident Preparedness Training. RECOMMENDED ACTION: No action required. The purpose of this report is to inform and update Council on the current status of the planning process related to a critical incident training exercise which will be held during the afternoon and evening of Monday, July 28, 2008, at St. Louis Park High School. Staff would also like to make Council aware of the opportunity to attend and observe in the following ways: • Tour new communications van staged at site; • Observe training exercise or a portion of it with narration to assist in understanding; and • Learn about and observe the performance of the Emergency Operations Center (EOC including expectations for Councilmembers. POLICY CONSIDERATION: Not applicable. BACKGROUND: At the time Council approved the joint purchase of the new communications van (with Golden Valley), staff discussed plans to conduct a large scale training exercise to introduce the new communications van and test our preparedness for a large scale incident. On July 28, 2008, a training and exercise will be conducted at St. Louis Park Senior High School. The training exercise being conducted will relate to a scenario involving an active shooter inside the high school. The training portion will be conducted from 2:00 p.m. to 6:00 p.m., and the scenario/exercise will be conducted from 7:00 p.m. to 11:00 p.m. The training objectives are as follows: • Police response to neutralize threat • Police and fire removal and treatment of victims • Fire and EMS triage and transport of victims • Student evacuation and transportation • Communications van operation and utilization • Callback and utilization of staff from Public Works and Parks and Recreation Departments • Opening and utilizing Emergency Operations Center Meeting of June 9, 2008 (Item No. 8) Page 2 Subject: Critical Incident Preparedness Training Evaluation objectives are as follows: • Evaluate the capabilities of police officers and firefighters to respond to an active shooter inside a school, identify and remove live victims, and eliminate any threats to responders, students, staff and residents. • Evaluate the ability of Police, Fire and EMS to apply the Incident Command System and operate in a Unified Command environment. • Evaluate the capability of the City of St. Louis Park to activate staff and utilize an Emergency Operations Center (EOC) to coordinate and support the response to an active shooter incident at the school. • Evaluate the ability of City staff to work in partnership with the School District in response to a major incident at the school. Participants: • St. Louis Park Police Department • St. Louis Park Fire Department • St. Louis Park Parks and Recreation Department • St. Louis Park Public Works Department • St. Louis Park staffing for EOC • Golden Valley Police Department • Golden Valley Fire Department • Hopkins Fire Department • Minnetonka Fire Department • Edina Fire Department • HCMC Paramedics/Ambulance • St. Louis Park School District • Hennepin County Emergency Management Observers: • St. Louis Park City Council • Methodist Hospital • JCRC The Mayor and Councilmembers interested in observing on site at the high school should be in the lobby of the police department at 4:00 p.m. Deputy Chief Kirk DiLorenzo will transport them to the high school and provide them with the opportunity to observe the training and tour the Communications van. Deputy Chief DiLorenzo will then transport them back to City Hall where they will be met by Fire Chief Luke Stemmer. Chief Stemmer and his staff will be responsible for the opening and operation of the EOC and will be briefing the Mayor and Councilmembers on their role as City officials when the EOC is open. Meeting of June 9, 2008 (Item No. 8) Page 3 Subject: Critical Incident Preparedness Training Jamie Zwilling will be drafting a letter to be sent to the neighborhood prior to the event. This letter will explain the training and its impact on the neighborhood. Staff at access points will have additional copies of the letter the night of the event. Message boards will also be utilized at Dakota and Lake, 33rd St. and Dakota, and 33rd St. and Jersey the night of the training. The active shooter scenario was selected because of incidents that have occurred in environments such as schools, shopping malls and universities in recent years. We have no specific or credible reason to believe this type of incident will happen in St. Louis Park. We have also been working with our schools for several years in policy development and training related to incidents of this nature. This exercise will allow us to test and critique the work we have been doing with our schools. If you have any questions, comments or concerns regarding this training, please do not hesitate to contact me by e-mail (jluse@stlouispark.org) or phone (952-924-2602). FINANCIAL OR BUDGET CONSIDERATION: The expense for this training exercise is nominal and will be covered by the Fire Department budget. VISION CONSIDERATION: Not applicable. Attachments: None Prepared by: John D. Luse, Chief of Police Approved by: Tom Harmening, City Manager Date: June 9, 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: Highway 7 / Wooddale Avenue Interchange Project Update. RECOMMENDED ACTION: The purpose of this Report is to update the Council on the current project status, proposed funding, project schedule, and next steps. Please contact staff with any questions for comments you might have. POLICY CONSIDERATION: None have been identified at this time. BACKGROUND: History: As part of the Elmwood Land Use and Transportation Study, conducted in 2002 and 2003, the Highway 7/Wooddale Avenue/W. 36th Street area was identified for redevelopment. Consistent with this study, redevelopment projects proceeded to move forward in this area. The City's traffic consultant, SRF Consulting Group, Inc. (SRF) completed several traffic studies for the Highway 7/Wooddale Avenue/W. 36th Street area at that time. SRF and City staff then participated in discussions with Mn/DOT staff regarding potential grade-separated concepts for the intersection of Highway 7/Wooddale Avenue. As a result of those discussions, the City submitted a request for federal funding during the Regional STIP Solicitation process in 2005. From this solicitation, the City of St. Louis Park was successful in obtaining about $5.9 million in federal funds to aid in constructing a proposed grade-separated intersection at Highway 7/Wooddale Avenue. Shortly after receiving notice of being awarded federal funds for the project, Council directed staff to tentatively schedule this project for construction starting in 2009. To aid the City in the development of this project, SRF developed a planning guide to meet that timeline. The SRF planning guide proposed four phases to move this project to the construction stage. Phase I and Phase II (described below) have been completed and staff is currently working with SRF on Phase III activities. Phase I Services During October of 2006, the City entered into a contract with SRF for Phase I of this process, an areawide traffic study, which was necessary to prepare for the analysis and modeling necessary to evaluate interchange concepts plus lay the foundation for the eventual preparation of project design layouts. SRF completed Phase I work in March of 2007. Meeting of June 9, 2008 (Item No. 9) Page 2 Subject: Highway 7 / Wooddale Avenue Interchange Project Update Phase II Services Phase II services began in April of 2007 and essentially consisted of the process for the technical/public development and comparison of the proposed interchange concepts. Activities consisted of: ƒ Concept Design Work / Project Management ƒ Traffic Operations Analysis ƒ Environmental Inventory/Investigation ƒ Public Involvement As part of the Phase II process, two round-a-bout concepts (Concepts A and B) as developed in the initial funding application were presented at a public informational meeting on June 5, 2007. Several traffic, safety, operational, and other related concerns and comments were expressed with the proposed concepts. As a result, additional concepts were developed and reviewed by the project management team. A second public informational meeting was subsequently held on December 6, 2007. At this meeting, a tight diamond interchange (identified as Concept D) was presented and was well received by the public. In developing Concept D, several critical design components were taken into account, including the following: 1. Traffic efficiency and flow for projected future traffic levels, particularly during the peak hour periods. 2. Bicycle and pedestrian access and safety between the north and south sides of Highway 7. 3. Operating efficiency with the adjacent railroad facilities, particularly with a future Light Rail Transit (LRT) station at Wooddale Avenue. 4. Minimization of Right of Way impacts to adjacent properties. In addition to being well received by the general public, Concept D was also viewed favorably by other project stakeholders, including Mn/DOT, Hennepin County Regional Railroad Authority (HCRRA), Three Rivers Park District, and other agencies that have been involved in the process. Phase II activities generally concluded in December of 2007 with the adoption of preferred design Concept D. Phase III Services In December of 2007 SRF was authorized to begin Phase III activities. Phase III can generally be best described as the preliminary detail design and environmental study / documentation phase of the project. The following is a list of the activities associated with this phase of the project: • An Environmental Assessment (EA) • Geometric layout development • Development of a preliminary cost estimate • A more detailed determination of right of way needs • Preparation of the required state / federal Design Memorandum and Design Study Report • Public involvement activities • Project management activities Meeting of June 9, 2008 (Item No. 9) Page 3 Subject: Highway 7 / Wooddale Avenue Interchange Project Update SRF has been developing preliminary construction plans and has just recently completed a draft Environmental Assessment (EA) for the project. Meetings with city staff, Mn/DOT, the Minnehaha Creek Watershed District, and the HCRRA were conducted to develop the preliminary design for the preferred concept. The draft Environmental Assessment (EA) has just been distributed to the various agency stakeholders and is currently undergoing their review and comment. The draft EA will be presented at an informational meeting and public update of the project, scheduled for later this month or early July. No significant environmental concerns have been identified with this project. Preliminary Design Info Based on the earlier adopted concept, agency input, and known environmental considerations, the following preliminary design features are being incorporated into the proposed project: 1. Concept D (attached) – A tight diamond interchange is proposed. This design allows ease of access and movement of traffic efficiency without the confusion that was felt by many with the round-a-bout proposals. The ramp intersections at Wooddale and the south frontage road intersection will not initially require signalization. However, design provisions are being made so signals may be easily added if future conditions warrant their need. This design, even with extensive use of retaining walls, will still require the removal / demolition of the Soomhek Rug / STEP building. 2. Drainage – As a result of discussions with Mn/DOT, the Minnehaha Creek Watershed District, and City staff, the southwest corner of the interchange area is proposed to be utilized as a stormwater detention area. The small size of this area negates its use as a developable parcel. The intent is to design and construct the detention area in a manner that will not only serve storm water needs, but will provide an aesthetic amenity as well. 3. Public Art – As design of the interchange continues to move forward, project aesthetics as well as the possible use of public art will be considered. Use of the stormwater detention area and/or other spaces in the project area will be considered in this regard. 4. Noise Walls – The EA process has determined that noise walls are required along the north side of Highway 7 as part of the project construction. This will be further discussed with the neighborhood and Council as the public involvement and design processes continue to move forward. 5. Light Rail and Regional Trail – At this time, the future routing status of light rail and heavy rail traffic is not known. Therefore, the exact location of the future crossings (rail and trail), as well as the specific rail uses cannot be reliably assumed as part of the design. However, the Concept D design provides flexibility for future adaptation based on the current conditions and what information is known at this time. Meeting of June 9, 2008 (Item No. 9) Page 4 Subject: Highway 7 / Wooddale Avenue Interchange Project Update Project Schedule As previously directed, staff is continuing to proceed with a process that will allow for construction to commence in 2009. As shown below, Phase III services provided by SRF will extend into late October of this year. However, Phase IV services, (which are essentially the preparation of plans and specifications for construction) will need to commence prior to completion of the Phase III services in order to meet the 2009 construction start. This is consistent with the planning guide and schedule that SRF assembled early last year. Completion of the following steps/milestones by the proposed dates will be necessary to allow for a 2009 construction start: Public Informational Meeting and Update Late June/Early July, 2008 Authorize Phase IV Services Late June/Early July, 2008 Commence Right of Way Acquisition and Proceedings July 2008 Public Hearing (Environmental Assessment (EA)) Late August, 2008 Approval of EA FONSI (Finding of No Significant Impact) Late September, 2008 by City Council Approval of EA/Negative Declaration Late October, 2008 by Mn/DOT and FHWA Finalize the Right of Way Acquisition process Early January, 2009 Public Informational Meeting and Update February 2009 Present Plans to City Council for Approval and March 2009 authorize advertisement for bids Award Construction Contract May 2009 Commence Construction June 2009 FINANCIAL OR BUDGET CONSIDERATION: While federal and some local funds are known to be available for a share of the project costs, staff is working with other agencies to identify and secure other funding sources to assist in paying for the project. Based upon on a preliminary construction estimate provided by SRF, the following cost and funding breakdown is provided, based upon known and anticipated sources at this time: Estimated Costs: Project Development $214,304 Preliminary Engineering $500,000 Right of Way $3,500,000 Construction Engineering $1,700,000 Construction $13,200,000 Contingencies (Construction) $3,500,000 Total $22,614,304 Known Revenues: Development Agreement $69,000 Federal Funds $5,885,000 Municipal State Aid (MSA) $1,500,000 Total $7,454,000 Meeting of June 9, 2008 (Item No. 9) Page 5 Subject: Highway 7 / Wooddale Avenue Interchange Project Update Possible Revenue Sources: Development Fund/HRA Levy Elmwood TIF Hennepin County Mn/DOT (Contribution & Const. Eng. Services) Mn/DOT (Municipal Agreement Program) Land Sale (Soomhek Rug / STEP building parcel) Staff will continue to work with Mn/DOT, Hennepin County, and other agencies over the next several months to secure additional funding. Further updates will be provided to Council as progress is made and key milestones are reached. VISION CONSIDERATION: The following Strategic Direction and focus area was identified by Council in 2007: St. Louis Park is committed to being a connected and engaged community. Focus will be on: • Promoting regional transportation issues and related dedicated funding sources affecting St. Louis Park including but not limited to Hwy. 100 and SWLRT. Attachments: Concept D (3) Prepared by: Scott Brink, City Engineer Reviewed by: Mike Rardin, Director of Public Works Approved by: Tom Harmening, City Manager Meeting of June 9, 2008 (Item No. 9) Subject: Highway 7 / Wooddale Avenue Interchange Project Update Page 6 Meeting of June 9, 2008 (Item No. 9) Subject: Highway 7 / Wooddale Avenue Interchange Project Update Page 7 Meeting of June 9, 2008 (Item No. 9) Subject: Highway 7 / Wooddale Avenue Interchange Project Update Page 8