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MINUTES <br />CITY COUNCIL <br />JULY 24, 1996 <br />Morelan asked if Statute changes in the way the City <br />reports investments will effect the valuation of the <br />Reserve Fund. <br />The City Administrator replied that there could be an <br />effect, and suggested that the City may have to adjust <br />its policy and use accredited book value of investments <br />in calculating reserves. <br />Gibbs commended the City for improvements made in <br />internal accounting expertise and its expanded budget <br />document that includes debt service analysis and a <br />capital improvement program. <br />Gibbs reviewed the City's cash and investments for <br />1995, and pointed out that investment earnings were up <br />in 1995 from 1994. Next reviewed was taxes receivable, <br />with Gibbs noting that the City had 98% total <br />collections of current levy. This rate is considered a <br />prime financial indicator by the City's bond rating <br />agency. In reviewing property tax levies, it was <br />pointed out that with the exception of 1990, the City <br />has held the line on property taxes, which again is a <br />positive financial indicator. <br />Gibbs reviewed Tax Increment Financing taxes receivable <br />which show solid collection rates for 1995. The City <br />currently had six TIF Districts in 1995 and has added a <br />seventh which includes the Market Place Shopping <br />Center. <br />Assessment collection rate is 84% of current <br />installments. This is a decrease from 91% in 1994. <br />Gibbs recommended the City monitor assessment <br />collection rates and review the status of delinquent <br />assessments receivable. <br />The General Fund was reviewed, and Gibbs pointed out <br />that its balance increased by $34,297 in 1995. Gibbs <br />reviewed the City's three special revenue funds, Parks <br />& Recreation Fund, Cable TV Fund, and Gambling <br />Enforcement Fund. In discussing the Gambling <br />Enforcement Fund, the Council asked the Auditor to <br />determine whether or not interest earnings must accrue <br />to the Gambling Enforcement Fund. <br />Next reviewed were the Debt Service Funds. Gibbs noted <br />that the Improvement Bonds of 1986 and 1986A have <br />matured, and he recommended that the City close these <br />funds to the Closed Bond Fund. <br />2 <br />