Management Report and Recommendations 12/31/1993

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OMNI YEAR & STATUTE REFERENCE CITY OF LINO LAKES. MINNESOTA STATE LEGISLATIVE ACTION Appendix A Page l of 13 INITIAL YEAR ESTIMATED IMPACT 1993 MS 429.061 Subd. 5 #42 Special assessments: Cities are now required to pay to the county auditor the administrative expenses incurred by the county auditor for administering the collection of special assessments. 1993 MS #41 Purchase of investments: Cities must provide 475.667 Subd. 6 securities broker - dealers a written notification of investment restrictions and include a provision that all future transactions are to be made in accordance with State Statutes governing investment of public funds. Additionally, the broker - dealer must acknowledge receipt of the notification and agree to handle the city's transactions in accordance with State Statutes. 1993 MS #40 Payment of claims prior to council approval: 412.271 Subd. 8 A city council may delegate its authority to pay certain claims to a city administrative official provided adequate internal accounting and administrative controls are in place. A list of all claims paid under this procedure must be presented to the council for informational purposes only at the next council meeting. City council delegation must be made by resolution. 1993 MS 477A.03 #39 Aid eliminations: Equalization aid and disparity reduction aid is eliminated. However, the 1994 LGA base includes these amounts. No net impact since equalization aid was added to local government aid. 1993 #38 LGA formula change: Beginning in calendar year 1994 LGA increased MS477A.03 1994 and thereafter, a City's LGA is determined using the by 2% over 1993. following formula: (City aid base x (100 - base reduction %)) + City aid increase = LGA Prepared by Tautges, Redpath & Co., Ltd.