HomeMy WebLinkAbout09-26-2022CITY OF LAKEVILLE CITY COUNCIL WORK SESSION MINUTES September 26, 2022 Mayor Anderson called the meeting to order at 6:30 p.m. Members Present: Mayor Anderson, Council Members Bermel, Hellier, Lee, Volk Staff Present: Justin Miller, City Administrator; Jerilyn Erickson, Finance Director; John Hennen, Parks & Recreation Director; Allyn Kuennen, Assistant City Administrator; Ann Orlofsky, City Clerk; Courtney Miller, Assistant to the City Administrator; Mike Meyer, Fire Chief; Zach Johnson, City Engineer Citizen Comments None 4.Proposed Fund Balance Policy ChangesFinance Director Erickson opened by providing the background report on the proposed FundBalance Policy Changes. The Finance Committee has recently continued to review the Policyat its August 3!81 meeting. Erickson explained that the primary changes since 2021 are asfollows:►Added new funds that have been established since the last policy update►Slight verbiage change associated with the General Fund rangeDirector Erickson added that the Finance Committee continued to discuss possibly changing the target range for the fund balance ratio for the General Fund from "40% to 50%" to "45% to 55%" but decided to leave it at the "40% to 50%" range but with some slight verbiage changes. Council discussed whether the City needed to keep the second provision for the liquor fund on net revenues not less than 125% of annual debt service, as it seems redundant. The council directed staff to take it out of the Fund Balance Policy for now and have Finance Committee discuss that topic later. The Council would appreciate a little more justification as to why they should keep it. 5.North Creek Greenway UpdateParks and Rec Director John Hennen introduced Bryce LeBrun, Project Manager for DakotaCounty. Mr. LeBrun updated the Lakeville portion of the North Creek Greenway Master Plan.