06/27/1994 Council Minutes (2) - Laserfiche WebLink

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1 1 1 CITY COUNCIL MEETING JUNE 27, 1994 REGULAR AGENDA OPEN MIKE No one appeared under open mike. Consideration of Disbursements, June 27, 1994 - Council Member Kuether asked about the payment to the Centennial Fire District from the Ladies Auxiliary, Circle -Lex VFW Post #6583. Mr. Schumacher explained that the Auxiliary has donated money to the City to purchase some items for the Safety Camp. The City is disbursing the money to the Fire Department so that they can actually make the purchases. Council Member Kuether asked about the disbursement to the Circulating Pines for a display ad. Mr. Schumacher explained that was for the open house celebration. Council Member Kuether asked about the disbursement to Aid Electric Service. Mr. Schumacher explained that this was for the maintenance of emergency sirens. Council Member Kuether moved to approve the disbursements as presented. Council Member Elliott seconded the motion. Motion carried unanimously. PRESENTATION OF THE ANNUAL AUDIT FOR THE YEAR ENDING DECEMBER 31, 1993, MR. FRED ESPE Mr. Espe briefly explained the audit. The audit had been presented to the City Council in more detail at the 6:00 Special Council meeting. Highlights of Mr. Espe's presentation include; property tax collection rate is at 102% which is up 4% over 1992. Property taxes rose 1/10 of 1% in 1993. The General Fund reserve balance was increased by $350,653.00 in 1993. The total General Fund reserve is now more than $1,756,000.00. This is adequate to cover cash flow needs and the general contingency reserve. However, the employee contingency reserve is short by about $172,000.00. The Area and Unit Charge Fund is ahead of schedule which is a very positive position for the Fund. Generally the City's financial condition is very healthy. Council Member Kuether moved to accept the 1993 Annual Audit and Federal Audit reports as presented. Council Member Elliott' seconded the motion. Motion carried unanimously. PAGE 2 24