ITEM 3.2C SCC 6.12.2017 MinutesITEM 3.2C
SPECIAL CITY COUNCIL MEETING
OTSEGO PRAIRIE CENTER
JUNE 12, 2017
*7:00
Mayor Stockamp called the meeting to order at 8:43 PM.
Roll Call: Mayor Jessica Stockamp; Councilmembers: Vern Heidner, Corey Tanner, Jason
Warehime and Tom Darkenwald. Staff: Adam Flaherty, City Administrator/Finance Director;
and Tami Loff, City Clerk.
1. 2018 Budget Discussion.
City Administrator/Finance Director Flaherty reviewed budget assumptions which included the
information requested by the City Council at the last meeting; the City Council concurred for the
finance department to bring back both 2% and 3% options. City Administrator/Finance Director
Flaherty reviewed Fund Balance Policy-Calculation of transfer, general Property Tax Levy
information (tax rate/tax capacity/tax rate chart) and tax Abatements as listed in the staff
memorandum. He also reviewed the Debt Service information packet and the City Council made
the following motions.
CM Darkenwald motioned to close Fund #350; the current cash balance would be
transferred to Fund #380 and the remaining special assessment balances would be
collected into Fund #209. Seconded by CM Heidner. All in favor. Motion carried.
Mayor Stockamp motioned to close Fund #365; the current cash balance would be
eliminated with a transfer of excess cash balance in Fund #375; the remaining
special assessment balances are deferred until future development; when those
assessments come due, they would be collected into Fund #209. Seconded by CM
Warehime. All in favor. Motion carried.
City Administrator/Finance Director Flaherty further reviewed the memorandum that included
the capital reserves. The next budget meeting is scheduled for July 31st at 6:00 PM.
3. Adjourn.
CM Darkenwald motioned to adjourn. Seconded by CM Warehime. All in favor.
Adjourned at 9:53 PM.
__________________________
Mayor Jessica Stockamp
ATTEST: ____________________
Tami Loff, City Clerk
*Directly following the regular scheduled meeting at 7:00 PM.