07-23-80 Council Special Minutes

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MINUTES Cit Council X23,"°1980 Page 13 of the report outlines the Federal Revenue Sharing activities of the City. There is an unexpended balance of $10,343, which will be appropriated in 1980. Mr. Voto also informed the Council that due to some pending rules and regulations changes, the City may not have to do a Federal Revenue Sharing Compliance Audit. Voto recotmnended to the Council that if the City is not required to do the audit, it should not be done. Voto would inform the Council at a later date if the Audit would or would not be necessary. The Auditors are recommending that the City continue to monitor its procedures to assure compliance with all Revenue Sharing rules and regulations. On page 14 of the report it is indicated that the Senior Citizen special revenue fund has been dormant. There was a deficit in the fund as of December 31, 1978 and this was financed by a cash transfer from the General Fund. On page 15 of the report it is indicated that the State-Aid Tree Fund was established in 1976. As of December 31, 1979 the fund has a balance of $12,730. This money will be used in the on-going program. On page 16 of the report is the Debt Service Fund. The bond under this fund matures in 1984. It is projected that there will be sufficient monies to meet all obligations for this bond issue. The auditors are also recommending that financing be effected for the new City Garage. The City Clerk reported that he has discussed this matter with the City Attorney and he is investigating the possibility of using sinking funds for this financing. The City Clerk stated that the City would wait until the project is complete so that total costs for the Garage can be determined. The auditor indicated that 'the City's utility rates will also carry a charge to cover the bonds for the City Garage. Page 19 of the report begins a detail of the City's various improvement bonds. The Sanitary Sewer bonds of 1966 and 1967 have a remaining term of 18 years. The auditors are recommending that the City continue to eliminate the projected deficit and levy additional taxes at the rate of $35,000 to $40,000 per year. The $730,000 bonds of 1971 are payable over a remaining term of 8 years. The auditors are recommending that the City continue its plan of action to eliminate this projected deficit, and levy additional taxes at the rate of $35,000 to $40,000 per year. The $215,000 bonds of 1973 have a positive projected fund position in the amount of $11,085 at December 31, 1979. The bonds are payable over a 9 year period. The auditors are recommending that the City continue to monitor the financial position of this fund to assure that full funding i s mai ntai necl. Page -3-