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MINUTES <br />City Council <br />August 31, 1988 <br />1987 The City Auditor~ continued with his presentation of the Management Report <br />Audit outlining the City's reserve balances which the Auditor reported were <br />Repor•t adequate. <br />(Cont.) <br />Special Revenue Funds and Debt Service Funds were then r•eviewed. <br />Blesener• asked if ther•e were impr•ovement bonds that could be paid off <br />early that had small balances for~ which the City was paying high inter•est <br />rates. <br />The Auditor repor•ted that the highest net interest r~ate the City is paying <br />is 11.68%. The Auditor• also repor•ted that he has had Juran and Moody <br />r•eview the City's bond issues to deter~mine if any could be paid off early. <br />There wer•e sever~al identified, however•, some of the bond issues had little <br />time r~emaining and the cost of paying the bonds early was gr~eater• than <br />paying them within their remaining time period. <br />The Auditor reviewed the City's Water Oper•ating Account and Sewer Operating <br />Account which he r•eported were positive. The Auditor pointed out that the <br />City is still tr•ying to negotiate a new water contr~act with the City of <br />St. Paul. <br />The Council discussed this and felt that the status of the new contr•act <br />should be followed up on. <br />The Auditor r•epor•ted that there would be no Lake Over•flow char•ge in 1988, <br />and it was the lake overflow charge which adversely effected the City's <br />sewer operations over the past few year•s. <br />In summarizing the Management Report, the City Auditor~ made the following <br />r•ecommendations: <br />*Monitor the Franklin Fund investment closely and redeem it at the <br />most opportune time. <br />*Continue to closely monitor delinquent assessments and maintain <br />complete updated subsidiary listings of special deferred assessments. <br />*Establish a common understanding with the County regarding assessment <br />data r~equir~ements. <br />*Review and amend contractor payment procedures to avoid any future <br />overpayments. <br />*Review and amend po1icies and pr•ocedures on the use of developer <br />accounts and monitor and r•eview these accounts on a timely basis. <br />*Transfer~ the remaining balance in the Equipment Cer•tificates of 1983 <br />Fund to the Closed Bond Fund in 1988. <br />*Continue to monitor~ MWCC charges on an annual basis. <br />*Review and invoice developers on a timely basis. <br />Page -4- <br />