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MINUTES OF THE WORKSHOP MEETING <br />C:[TY COUNCIL <br />LITTLE CANADA, MINNESOTA <br />Pursuant to due call and notice thereof a workshop meeting of the City Council <br />of Little Canada, Minnesota was held on the llth day of July, 2001 in the <br />Council Chambers of the City Center located at 515 Little Canada Road in said <br />City. <br />JULY 11, 2001 <br />Mayor Michael I- Fahey called the meeting to order at 6:45 p.m. and the <br />following members of the City Council were present at roll call: <br />CITY COUNCIL <br />Mayor <br />Council Member <br />Council Member <br />Council Member <br />Council Member <br />Mr. Michael L Fahey <br />Ms. Beverly Scalze <br />Mr. Jim LaValle <br />Mr. Matt Anderson <br />Mr. Rick Montour <br />ALSO PRESENT: <br />City Administrator <br />City Auditor <br />Public Works Dir. <br />Deputy Clerl< <br />Mr. Joel R. Hanson <br />Mr. Mark Gibbs <br />Mr. Greg Schroeder <br />Ms. Kathy Glanzer <br />2000 AUDIT M:r. Mark Gibbs, Tautges Redpath, Ltd. presented the City Council with <br />& FINANCIAL the City's 2000 Annual Financial Report as well as Financial Analysis and <br />STATEMENTS Management Considerations. Gibbs repotted that his f rm has completed the <br />2000 Audit and has f led the required reports with Che State Auditor. He <br />reported that there were no major findings ofnon-compliance and his firm has <br />issued a clean opinion on the City's 2000 financial statements. There was a <br />qualification, however, related to general fixed assets. This City does not keep <br />detailed records of these assets and is not required to until 2004 when new <br />accounting standards are required for the City. <br />Gibbs summarized the Management Repot reviewing fund balances and <br />noting that the December 31, 2000 fiord balance was sufficient Yo fulfill all <br />reserve requirements. He also noted that $92,000 was transferred to the City's <br />General Capital Improvement Fund, after reserve requirements were met. <br />Gibbs noted that the in reviewing Debt Service Funds, the City's outstanding <br />indebtedness lowered to $2,725,000 at December 31, 2002 which is extremely <br />low. <br />Gibbs reviewed Capital Project Funds noting the City has fund balances of <br />$3.6 million. The Rice Street/Little Canada Road Fund has a deficit balance of <br />$874,000 at December 3I, 2000_ Gibbs indicated that Enterprise Funds are <br />