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24 <br />March 7, 1977 <br />The special meeting of the Lino Lakes City Council was called to order at 8:10 P.M. by <br />Mayor Bohjanen. Council members present; Karth, McLean, Schneider, Zelinka. Absent; <br />None. Mr. Don Anfinson, Auditor, was also present. <br />Mayor Bohjanen said the purpose of this meeting is to go through the audit report with <br />Mr. Anfinson. He turned the meeting over to Mr. Schneider for explanation. <br />Mr. Schneider presented copies of the method in which the 1977 budget was prepared, the <br />estimated fund balances and the estimated cash flow for 1977. <br />Mr. Schneider asked Mr. Anfinson about borrowing from other funds to meet the financial <br />need of the City in the months that funds will be low. <br />Mr. Anfinson said the general fund can be used for any purpose. Monies may be transferred <br />in and out as needed. However, special revenue funds should not be touched. Mr. Anfin- <br />son felt the General Fund was in bad shape. There should be a carry over of at least <br />$50,000.00 to $100,000.00 at the end of the year. He felt the Council should set up a <br />program on a three to five year basis to build in a contingency fund. He felt it is <br />necessary that the City get on a three to five year plan in order to clear this financ- <br />ial deficit. <br />Mr. Anfinson said an early draw on tax levy could be done. <br />Mr. Schneider suggested transferring the Federal Revenue Funds to the General Fund to <br />help balance the short months. <br />There was some discussion on how this could be done with no decision. There was also <br />some questions as to how soon Mr. Anfinson felt this City would be in the position to <br />need a City Manager. Mr. Anfinson had no precise answer. He said sometimes a City can <br />go along for two to three years on the edge of needing but not being able to afford such <br />a person:. <br />Mr. Anfinson also recommended that the audit be on the accrural basis in 1977. <br />There was general discussion on how this audit had been done and the method of report- <br />ing. Mr. Anfinson explained the various financial statements for each fund. <br />The Clerk had given each member a copy of the Assurances that must be signed and in the <br />mail by March 11, 1977. There was some discussion on these requirements. Mr. Zelinka <br />moved to authorize the Mayor to sign these forms. Seconded by Mr. McLean. Motion carr- <br />ied unanimously. <br />1 <br />1 <br />Mr. McLean moved to adjourn at 10:20 P.M. Seconded by Mr. Karth. Motion carried unanimously. <br />These minutes were co ected and ap rov d at the March 14, 1977 regular scheduled Council <br />meeting.,�,�/ <br />CL K - TREASURER <br />