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<br /> MINUTES <br /> City Council <br /> July 23, 1980 <br /> Page 5 of the report shows the overall balance sheet for the City. <br /> Mr. Voto indicated that at the time of the report the City had a lot <br /> of uninvested monies. The auditors are recommending that the City <br /> develop and implement a program to minimize uninvested cash balances <br /> and maximize interest earnings. <br /> The City Clerk indicated that this is now being done with only a minimum <br /> amount of cash being kept in the City's checking account and the rest <br /> of City money invested in 30 day certificates. <br /> Mr. Voto informed the Council that on page 6 of the report investments <br /> for 1979 earned $94,000, which is a decrease of $48,000 from 1978. <br /> This was due to less money being available to be invested. <br /> Mr. Voto also reported that the audit revealed a collateral deficit. <br /> The auditor's are recommending that the co1laterial deficiency at December <br /> 31, 1979 be converted and procedures developed to assure continued <br /> compliance with Minnesota Statutes, Chapter 118. <br /> Page 7 of the report indicates that delinquent taxes dropped $93,000 in <br /> 1979. The auditors are recommending that the City continue its <br /> monitoring procedures on delinquent taxes. <br /> Mr. Voto indicated to the Council that on page 9 of the report it is <br /> recommended that the City make cash transfers to adjust the individual <br /> fund cash balances at December 31, 1979. <br /> Mr. Nadeau introduced the following resolution and moved its adoption: <br /> RESOLUTION N0. 80-7-277 - AUTHORIZING THE CASH TRANSFERS AS <br /> RECOMMENDED IN THE CITY OF LITTLE CANADA MANAGEMENT REPORT, <br /> PAGE 9, TFIE STATEMENT OF INTERFUND AUDIT ADJUSTMENT DATED <br /> DECEMBER 31, 1979 <br /> The foregoing resolution was duly seconded by Mrs. Scalze. <br /> Ayes (4) Nadeau, Scalze, DeBace, Fahey. <br /> Nayes (0). <br /> Resolution declared adopted. <br /> This resolution appears in Resolution Book No. 6, Page 177. <br /> Mr. Voto stated that page 10 of the report lists all the fund equity <br /> of the various funds of the City. <br /> Voto informed the Council that the General fund is the basic operating <br /> fund of the City. Its uses are for emergency or unanticipated expenditures <br /> and working capital. The auditors are recommending that the City continue <br /> to adopt surplus operating budgets and develop an adequate level of <br /> surplus for the General fund. They are recommending that the General <br /> Fund not go below the $90,000 to $105,000 range. The General Fund <br /> contained $62,000 at the end of 1979. Mr. Voto felt that this recommendation <br /> can be complied with within the next couple of years. <br /> Page -2- <br /> <br />