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City Council Minutes <br /> October 7, 2014 <br /> Page 2 of 8 <br /> 3.7. AUTHORIZE PURCHASE OF A 60 MONTH CD FROM LAKES <br /> STATE BANK IN THE AMOUNT OF $10,000 COMMITTED TO <br /> THE LIBRARY'S ENDOWMENT FUND WITH THE QUARTERLY <br /> INTEREST CHECKS COMMITTED FOR DAILY OPERATING <br /> EXPENSES. <br /> 3.8. QUARTERLY UTILITY BILLING ADJUSTMENT REPORT <br /> 3.9. AGREEMENT FOR GASB 45 ACTUARIAL VALUATION WITH <br /> HILDI, INC. IN THE AMOUNT OF $1,600 <br /> COUNCIL MEMBER SJOBLAD SECONDED THE MOTION. MOTION <br /> CARRIED 5-0. <br /> 9-2-2014 Regular City Council Meeting Minutes <br /> Mayor Adams noted that the vote for item 6.2., Digital Signs, was <br /> incorrect. The vote should state: Motion carried 3-2; Council Member <br /> Pederson and Mayor Adams voted against the motion. <br /> COUNCIL MEMBER AKERSON MOVED TO APPROVE THE 9-2-14 <br /> CITY COUNCIL MINUTES AS AMENDED. COUNCIL MEMBER <br /> GARDNER SECONDED THE MOTION. THE MOTION CARRIED 5-0. <br /> 4. Open Forum <br /> There was no one present for open forum. <br /> 5.1. Springsted — Presentation on CIP Plan and Funding Sources <br /> Paul Steinman, Springsted, Inc. spoke to the Council about the new <br /> capital improvement plan model that the City has purchased and in which <br /> Springsted has completed the data entry for the City's 10—year capital <br /> improvement plan. He explained that this plan incorporates the City's <br /> capital improvement plan, budgets, projects and future tax rates for the <br /> next 10 years. He noted that this software program will be used as a <br /> budget tool and will help the City to establish priorities. The plan can also <br /> be used as a tool to help keep the City's tax rate stable, thereby <br /> minimizing peaks and valleys in future tax rates. <br /> Paul Steinman discussed financing options available for the projects listed <br /> in the capital improvement plan. He also discussed the 2015 preliminary <br /> levy and suggested methods of reducing the levy amount. Some of the <br /> methods include moving projects to future years and combining projects <br /> for bonding purposes. Mr. Steinman discussed the use of the general fund <br /> fund-balance as a budgeting tool and shock absorber to supplement the <br />