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M[NUT1/S <br />CITY COUNCIL <br />JULY 11, 2001 <br />showing profits, with that profit transferring into the Water & Sewer <br />Equipment Replacement Fund. <br />Gibbs pointed out in 1998 the City was required to report investments at fair <br />value in its financial statements. The adjustment to fair value at December 31, <br />2000 was $293,000. Ile also noted that the City had an excellent property tax <br />collection rate of 99% for the year 2000. <br />Gibbs commented, as noted earlier, the City will be required to make <br />significant changes in its accounting and financial reporting beginning in 2004. <br />The City recently implemented a new accounting software program that will <br />help to meet the new standards, and some work has begun in this regard. <br />Gibbs thanked the Council for the opportunity to be of service and asked if <br />there were any questions. <br />Anderson noted that the compliance letter states that there are no instances of <br />non-compliance that are required to be reported. He asked if there were any <br />instances that are not required to be reported. Gibbs replied that there were <br />not. <br />Fahey asked about the increase in revenues over budget projections. Gibbs <br />commented that Little Canada, as well as most cities budget conservatively on <br />permit revenues. This is one factor for the surplus. Another factor is that <br />investment income was over what was budgeted- One other item is that the <br />City recaptured part of the paper loss that occurred in 1999 due to reporting of <br />investments at fair value. <br />Gibbs also noted that he and the City Administrator would be bringing a <br />proposed policy to the Council at an upcoming meeting that would allow fa <br />factoring in of investment loss or gain into the General I+und Reserve <br />calculation. <br />Gibbs asked that at the regular Council meeting following this workshop, the <br />Council take action to accept the 2000 audit and financial statements acid adopt <br />the recommendations as detailed in the Management Report. <br />"There being no further business, the workshop meeting was adjourned at 7a 5 <br />p.m. <br />Bolo ~ <br />is aelI. Fahey, ayor <br />Atte . < / _ <br />Jo R Hanson, City Administrator <br />