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08-25-99 Council Workshop Minutes
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08-25-99 Council Workshop Minutes
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MINUTES <br />CITY COUNCIL <br />AUGUST 25,1999 <br />*The City's tax increment collection rate increased from 90% to <br />99% in 1998. <br />*The oversight commission of tax increment compliance has been <br />transferred from the Commissioner of Revenue to the Office of the <br />State Auditor. <br />*The City's General Fund increased by $97,867 in 1998. General <br />Fund reseive requirements established by City policy are funded. <br />*The City netted $217,652 of fees and interest related to the 1995 <br />TIF bond project. <br />*The City has improved internal recordkeeping related to special <br />deferred assessments outstanding and developer deposits receivable. <br />*It is recommended the City anticipate all potential impacts of the <br />year 2000 on systems of the City as well as vendors and other units <br />of government which the City deals with regularly. The City is <br />taking steps to check all potential areas that may be affected by this <br />change. <br />The City Administrator indicated that TIF reporting requirements <br />are substantial and time-consuming. While many cities have hired <br />firms to do this reporting, the City's Accountant is handling this <br />responsibility. He commended the Accountant for her efforts. The <br />Auditor indicated that the Accountant has compiled the proper <br />documentation required by the State Auditor for TIF reporting and is <br />doing an excellent job. <br />The Auditor briefly reviewed the General Fund pointing out that <br />revenues for 1998 were approximately $186,000 over budget. He <br />noted that City policy has been to transfer from the General Fund to <br />the General Capital Improvement Fund any surplus over the <br />established reserve amount. The Auditor reported that the City has <br />done a very good job in annual budgeting as well as has experienced <br />a higher collection rate than anticipated. <br />In discussing the fees related to the 1995 TIF bond project, the City <br />Administrator indicated that he would recommend these fees be <br />placed in the Rice Street Redevelopment Fund to offset planning <br />and land acquisition costs. <br />The Auditor reported that GASB financial reporting changes will <br />impact the City beginning in the year 2004. However, the City <br />
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