06/24/1996 Council Minutes - Laserfiche WebLink

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• • SPECIAL COUNCIL MEETING JUNE 24, 1996 CITY OF LINO LAKES MINUTES DATE : June 24, 1996 TIME STARTED : 5:30 p.m. TIME ENDED : 6:17 p.m. MEMBERS PRESENT : Kuether, Neal, Landers, Lyden MEMBERS ABSENT : Bergeson arrived at 5:55 p.m. Staff members present; City Administrator, Randy Schumacher and Clerk -Treasurer, Marilyn Anderson. Mr. Fred Espe of Voto, Tautges, Redpath was also present. The purpose of the meeting was to review the 1995 City audit. Mr. Espe explained that for 1995 the City will receive an unqualified audit. This means that the City is eligible for and can apply for the Award of Financial Reporting Achievement. Mr. Espe presented the highlights of the audit: He noted that the General Fund balance is $2,086,000. This balance has been designated. The inventory of fixed assets has been completed and he recommended that the fixed assets account be kept current. Investment earnings increased by a substantial amount which indicates good planning for investment earnings. The schedule of tax collection for the previous four (4) years indicates that the City has had a very good collection rate. The schedule of the Tax Increment Finance (TIF) receivables is also doing very well. Review of the schedule of Special Assessment Receivables indicates that the delinquent balance is very low. There is a deferred balance and these assessments will be collectable in future years. There is an assessment on a City owned parcel. If the City is not going to pay this assessment, it should be canceled and written off the audit. The amount of expenditures during 1995 increased but this expected in a growing city. See page 11 of the audit. • Provided a summary of revenue resources. See page 12 of the audit. PAGE 1