12/14/1971 Council Minutes - Laserfiche WebLink

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double -entry system, but that most smaller Villages used the cash basis of accounting instead, noting that our system is adequate and well -kept. He stated that he was not an advocate of double -entry since it does increase the work load and is harder to understand. The Clerk noted that she had been asked. several times during the year to provide the amounts of money which various funds had yet to spend for the year, particularly in the Roads and Civil Defense funds. She thought an accrual balance might be kept for this purpose. Wally agreed. The general feeling was that separate budgetary accounts might be kept for a trial period, but that it would be premature to begin a complete double entry - system now. Mr. Hill felt that the status of the budget for each fund might be released monthly on columnar paper. Mr. Jaworski moved that effective January 1, 1972, the Clerk- Treasurer be authorized to begin keeping accrual budgetary accounts so as not to be against State statutes,.and also to purchase a binder to keep these records in. Seconded by Mr. Cardinal. Carried unanimously. The matter of setting up additional fund accounts to keep track of the bond sale money, construction of sewer and water utilities, hookup fees and assessments was discussed. Mr. Cardinal moved to set up separate funds for the following: 1.. A fund for the sewer hookup fees to pay off the balance of the Metro Sewer Board assessment; 2. A fund for the sewer and water assessments to pay off the bond and interest on the $550,000 Temporary Improvement Bonds of 1971; 3. A fund for the monies received from the above bonds to pay off the construction of the sewer and water improvements. Seconded by Mr. Jaworski. Carried unanimously. The discussion turned to determing the levy limitation. Mr. Hill stated that he had consulted with the manager of Columbia Heights who was working on their levy, and had received considerable information. He stated that we would receive the usual per capita funds from cigarette, liquor and mobile home taxes in 1972. The amount of State aids to be received in 1972 is $48,463.07. The estimated 1971 population figure from the Metro Council was 3,801. Mr. Hill determined that the amount which Lino Lakes would need to levy in 1972 would be $102,625 which included levies for bonded indebtedness in the amount of $22,000. After working through Form No. 279 from the State it was determined that Lino Lakes could levy $100,019 exclusive of special levies and assessments. Mr. Hill stated that we were thus on safe ground with our budget as previously determined. Based on the new assessed valuation figure of $1,828,654 received from the County as of Nov. 15th, the mill rate will be approximately 56.1 mills in 1972. Following general discussion Mr. Jaworski moved to tentatively accept the revised Page 3 and summary page of the 1972 budget to reflect the increase in State aids, giving final approval if the figures tally with the additional information yet to be received from the State. Seconded by Mr. Rosengren. Carried unanimously. Mr. Hill felt we should wait until the meeting of the 27th to certify the budget. Mr. Jaworski moved to withdraw the previous motion and to move that Lino Lakes re- certify this budget contingent on no additional figures or change being received from the State. Seconded by Mr. Cardinal. Carried unanimously. Mr. Jaworski felt that some of the State aids should go into the Parks fund. The Clerk requested that the Council take action on approving the minutes of the November 22nd meeting so that she might put them in the permanent record.