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MINUTES <br />CITY COUNCIL <br />AUGUST 26, 1998 <br />requirement given that the tax levy has been less than levy limits in recent <br />years. <br />The City's special assessment rate is at 93%, and Gibbs recommended that <br />the City continue to monitor assessment collection rates and review the <br />status of delinquent assessments receivable. <br />Gibbs reviewed the status of the General Fund, pointing out that the fund <br />ba(ance increased by $34,958 in 1997, while $111,330 was transferred to <br />the General Capital Improvement Fund. The Council discussed the cost of <br />protective inspections as well as the fee increase that the Building Of~"icial <br />has requested for 1999. <br />Gibbs reviewed the City's General Fund Reserves pointed out that these <br />are a strong financial indicator for the City. An explanation of the benefits <br />of reserves was included on page 19 of the report. <br />IY was pointed out that the report also contains an overview of each of the <br />City's special accounts as well as each of the TIF Funds. Gibbs reviewed <br />the Infrastructure Replacement Fund which replaced the City's Closed <br />Bond Fund. <br />Enterprise Funds were then reviewed, with Gibbs pointing out that water <br />revenue was down in 1997 from 1996 while expenses remained at the <br />same level. There was a decrease in sewer revenue. However, the City <br />had anticipated this net loss and absorbed it with the 1996 operating gain <br />Gibbs reviewed the City's Agency Funds which includes Developers <br />Deposits Fund and the Investment Fund. <br />Gibbs then reviewed other issues of importance to the City which include <br />the Year 2000 systems issues, fraud prevention, the Distortion of <br />Subsidies Act of 1997, and strategic pricing. <br />Gibbs concluded his presentation with a recap of the Executive Summary <br />of the report which is as follows: <br />*Effective for 1998, the City will be required to report investments at <br />market value in the financial statements. <br />*The 1997 and 1998 state legislature lowered class rates for <br />commercial/industrial properties. This change will adversely impact tax <br />increment revenues. <br />