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MINUTES <br />City Council <br />May 18, 1982 <br />1981 Audit Mrs, Scalze informed Mr. Voto that last year the Park Commission <br />(Cont.) had money left in their budget. A portion of this money they <br />wanted to spend i_n the next year. Mrs. ScaLze asked what would <br />be the proper procedure for doing this. <br />Mr. Voto replied that the Council must appr.ove the carry-over of. <br />funds from one year's budget to the next other.wise the money goes into <br />the General Fund. The City Council would have to amend the budget <br />and increase the subsequent budget. Mr. Voto suggesCed thaC this <br />be done during January. <br />The Lo1.lowing i.s a summary of the items contained in the Management <br />Report and RecommendaCions which Mr.. Voto suggested should be recorded, <br />investigated and/or resoLved in 1981: <br />1. Continue to monitor the State financial situation and prepare <br />City budgeCS and forecasts based upon decreasing or reduced aids <br />Lrom the Statee <br />2. Formalize and document City policy and procedures r.el.ating to the <br />City's new cash management system and continue to monitor such <br />pol~icy and procedures to assure that they remain appropriate as <br />market conditions change. <br />3. Correct the situation relating to Security for Deposits. <br />4. Approve and record interfund cash transfers to effect the interfund <br />audit and year-end closing adjustments at December 31, 1981. <br />5. Continue City ePForts Co re-evaluate Special Assessment def.erments <br />and coLlections and continue to monitor current coll.ections, <br />delinquencies and special def.erments. <br />6. Continue City efforts toward developing an adequate General Pund <br />reserve balance. <br />7. Continue to monitor and review the various rules and regulations of. <br />the Federal Office of Revenue Sharing and approve the performance <br />of. the Special CompLi.ance Audit for 19£31. <br />8. ConCinue to monitor, review and analyze the various Speci~l <br />Assessment - llebt Service and Construction Accounts oE the City <br />as decailed in this Report and perform a special. review and <br />analysis of. Che financial requirements for the 1.981 re-financing <br />bond issues. <br />9. Continue to monitor the financial operations of Che Water and Sewer <br />Operating Accounts to assure adequate financing for these Uti.lity <br />Oper.ations. <br />10. Continue ef.f.orts to maintain, monitor and improve the financial <br />accounting ~nd financial management systems of the City to assure <br />the availability and accuracy oE information by which to manage <br />the financial operations of the City. <br />Yage -8- <br />