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MINUTGS <br />Ci.ty Counc:i.7. <br />May 28, 1985 <br />Audit The ~ucti.tor repor.ted thaC the State Aid Roads Pund had a balancea oE <br />Report $87,163 at ¢:he end of 1984. The City C1er1c reporCed that about <br />(cont.) $35,000 of thi.s fund wi.li be expended on the Li.Ctle Canada 12oad <br /> bri.<Ine wiclening projecC. <br /> 'Phe Partc 1'und balance at the end of 1984 had a balance of $175 <br />009. <br /> , <br />'Lhe Audi.tor poi.nted out that there may be some major partc projecCs <br /> pending and the City may have to ~;o Lo somc type of referrendum. <br /> The Pi.re 'Crucl< Acquisi.tion Fund has ~ 19f34 balance oP $5,357. This <br /> money ~i.s commited to some improvement to the Fice Ha17.> The Audi.t:or <br /> suggested that when this money is expended, the Lund be closed out <br /> . <br /> The Audi.tor reported that the Seni.or Citi.zen ProjecC Ftmd was closecl <br /> in 1984 and the balance of: $6,1.83 was transferred f:rom the General <br /> F'und. <br />'Che Auditor reported Chat the Interim ConstrucCi.on Fund handles <br />various projects ~i.n var~ious stages of construction. The fun<I's <br />baLance at the end o[ 198[t was $11,397. <br />Voto reported that Che Speci.al Assessment Funds are a11. posi.tive, <br />ancl the vari.ance bonds Che Ci.ty has all have f.avorable cash <br />vairi.ances. The Aud~itor felt that when the bond report is updated, <br />the Ci.Cy may be abl.e to c9rop some of. the speci.al assessment Lax <br />1evi.es. <br />The Auditor next reported on the Special. Assessment Debt Service <br />Accounts. Voto reporCed that: collection rates are exceeding provisions. <br />Also, tax ].evi.es begi.n decreasing in 19H5 and in 1.9II£3 drop by t:wo miils. <br />T1r. 131esener aslced if: the mill raCe ~vi11 drop as the CiCy's assessecl <br />val,uation ri.ses, Mr. Voto repli.ed that. i.t wil.l. <br />Voto then presented the Special Assessment Constructi.on AccounCS, <br />Mr. Voto presented Water Pund OperaCing Revenue ancl Pxpenses and <br />Sewer Fund Operati.ng ]3evenue and I:xpenses< <br />Mr, 731esener asked the retison for the overdraft situation i_n the Water <br />Pund. Voto pointed out thaC water rates only i.ncludc operzzti.on costs <br />ancl eyui.pment costs have not been include<I, <br />Voto stated that l.~e is recommending Chat a uti.li.ty rate stucly be done, <br />VoCO is als~ suggesting that the Ci.ty Lngineer i.nvest:igate the possibi.],ity <br />of: the CiCy own.i.ng i.CS own we ll.s. <br />P9r. I3lesener reporCed that he and Mr. G7.anzer would probz~bl.y siC down <br />wi.th Che Aucli.tor and d:i.scuss the Sewer and Water L'unds, <br />Vot:o reported that the State has i.ncr.eased the scope of audi.C pr.ocedures <br />whi.ch are requi.r.ed to complete Che annual f:inancial report Lor the Ci.ty <br />Eor 1985. <br />Pap,e -4- <br />