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76 <br />COUNCIL MEETING JUNE 12, 1995 <br />contingent employee benefits. Mr. Schumacher explain that this <br />matter has been discussed from time to time. <br />Mr. Schumacher explained that the General Fund Budget for 1994 <br />was drafted in August, 1993. Revenues from building permits in <br />1993 were substantially higher than in 1994. Therefore, the <br />estimate revenue from building permits for 1994 is less than was <br />estimated. The 1994 General Fund budget had to be adjusted to <br />reflect the decrease of revenue due to a decrease in building <br />activity. <br />Mr. Schumacher noted that the special assessment collection rate <br />remained stable at 92 %. The majority of delinquent assessments <br />are from undeveloped lots in new subdivisions. Special assessment <br />collections are not a concern as in some developing cities. <br />The Area and Unit Fund remains stable. In 1994, the City paid <br />off a bond. The Area and Unit Fund paid a substantial amount of <br />that bond. The Fund balance at December 31, 1994 was <br />$3,318,023.00. <br />The 1988 General Obligation Improvement Bonds were paid in <br />February, 1995. At this time, the City has only two (2) <br />outstanding general obligations bonds, the 1992 Improvement Bonds <br />and the 1994 Temporary Improvement Bonds. Mr. Schumacher <br />explained that a growing community usually has substantially more <br />debt. <br />The Surface Water Management Fund balance grew by $86,383.00 in <br />1994. The Fund balance as of December 31, 1994 was $317,390.00. <br />This Fund was created to finance the City wide surface water <br />planning for the City. There will be several projects this <br />summer financed by this Fund. <br />The Closed Bond Fund balance grew by $41,769.00. The Fund <br />balance at the end of 1994 was $289,457.00. This Fund is in very <br />good shape. <br />The market value of the City increased by $66,732,900.00. Ms. <br />Vaske showed a graft that indicates that the market value of the <br />City grew from $187,826,200.00 in 1988 to $435,100,000.00 at the <br />end of 1994. <br />The City will complete a comprehensive fixed asset inventory this <br />summer. When this is complete, the City can apply for the <br />Certificate of Conformance in Governmental Accounting for the <br />year ended December 31, 1995. Ms. Vaske explained that this is a <br />"gold star" for the Finance Department. This is means <br />substantially more work for the Finance Department and the annual <br />PAGE 4 <br />1 <br />