07-13-11 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL JULY 13, 2011 Moeller then reported that that for 2011 Audit, the City will be required to comply with the GASB No. 54 standards. These standards relate to governmental fund balance reporting which will now include five new categories as well as revised fund definitions. Moeller reported that they are recommending that the City revise its fund balance policy and make any changes necessary to comply with the new GASB 54 standards. Blesener asked out the City's property tax collection rate of almost 99% compared with that of other cities. Moeller reported that it is in the mid- range. The Finance Director indicated that the 97% collection rate in 2006 through 2008 reflected the downturn in the economy. The City Administrator also noted that the court petition actions have resulted in value reductions and prior period adjustments. This impacts the collection rate as well. 2009 and 2010 saw improvements in this rate at 98.45% and 98.94% respectively. Blesener asked if the City is in a reasonable financial position, and Moeller replied that it is. The City Administrator reported that the standards of auditing are dramatically different than they were 10 to 15 years ago, and there is more onus on City staff in this regard. The Administrator reported that the Finance Director has done a commendable job for the City. The Finance Director reported that staff will be reviewing the City's fund policies and will be making a recommendation to the Council for amendments that will address the GASB 54 requirements. Montour introduced the following resolution and moved its adoption: RESOLUTION NO. 2011 -7 -130 — ACCEPTING THE 2010 AUDIT REPORT AS PRESENTED BY TAUTGES REDPATH, THE CITY'S AUDITOR The foregoing resolution was duly seconded by Keis. Ayes (5). Nays (0). Resolution declared adopted. It was noted that copies of the City's financial statements are available at City Hall as well as will be put on the City's web site. 3