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242 <br />COUNCIL WORK SESSION <br />CITY OF LINO LAKES <br />COUNCIL MINUTES <br />JUNE 27, 1994 <br />DATE : June 27.1994 <br />.........................................................:..........:.............:.::.........:....:................;...............;:...< <br />IME..ST.ARTE..D 6:0.0 PM, <br />TIME ENDED 6:35.. P.N. <br />MEMBERS:: PRESENT:: Neal, Kuether, Elliot <br />MEMBERS ABSENT Bergeson, Reinert <br />Staff members present: City Administrator, Randy Schumacher, <br />City Auditor, Fred Espe and Clerk -Treasurer Marilyn Anderson. <br />The purpose of the special meeting was to review the 1993 Annual <br />Audit. <br />Mr. Espe noted that the 1993 Audit consists of three (3) <br />documents. They are the Annual Financial Report for Year Ending <br />December 31, 1993; the Management Report and Recommendations and <br />the Federal Financial Assistance for Year Ending December 31, <br />1993. Mr. Espe used the Management Report document to present <br />the review of the Audit. <br />Page two (2) of the Management Report consists of Account Balance <br />Analysis of the Combined Financial Statements. This report <br />indicates that the capital accounts have increased 2.7 million <br />dollars. Mr. Espe noted that the interest on investments <br />accounts for a large portion of the increase and this means that <br />the City is investing its reserves wisely. <br />Page four (4), Property Taxes Receivable, shows that the <br />collection rate in 1993 was 102%. This includes both current and <br />delinquent taxes. The City has experienced a solid tax <br />collection rate over the past five (5) years. <br />Acting Mayor Neal asked if this means that sewer and water <br />collection is also good. Mr. Espe indicated that this includes <br />the General Fund and the Certificates of Indebtedness only. <br />Page six (6), Special Assessment Summary, indicates that the rate <br />of collection has increased. Timely collection of special <br />assessments is required to assure timely availability of cash to <br />PAGE 1 <br />1 <br />1 <br />1 <br />