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SPECIAL COUNCIL MEETING MAY 12,1997 <br />CITY OF LINO LAKES <br />COUNCIL MINUTES <br />DATE May 12, 1997 <br />TIME STARTED 5:40 p.m. <br />TIME ENDED 6:15 p.m. <br />MEMBERS PRESENT Council Members Bergeson, Kuether, Lyden <br />and Neal and Mayor Landers <br />MEMBERS ABSENT None <br />Staff members present: City Administrator, Randy Schumacher; Finance Director, Mary <br />Vaske and Clerk -Treasurer Marilyn Anderson. <br />City Auditors Fred Espe and Rob Tautges from Tautges, Redpath, LTD. were also <br />present. <br />Mr. Espe explained that the City was required to do a Federal Singl <br />were no findings to report and the City will not be required to <br />future. <br />The 1996 Annual Finance Audit has been com <br />report. The Lino Lakes Finance Departme t h <br />Reporting Certificate of Achievemen <br />eport. There <br />r in the <br />a c unqualified audit <br />xcellence in Financial <br />rk on this audit. <br />Mr. Espe outlined the Man.' the Annual Audit. Some areas of the audit <br />specifically noted by <br />1. Change t reporting <br />2. Large bal e Area and Unit Fund <br />3. Large incre in service and permit fees <br />4. Closed Bond Fund <br />Council Member Bergeson noted that the City has been lucky and has been able to pay off <br />improvement bonds early. This has resulted in excess funds that were put into the Closed <br />Bond Fund. <br />Mr. Espe suggested the City give some attention to segregating duties in the Finance <br />Department so there would be no conflict of areas. <br />Council Member Bergeson noted that the City is building a General Fund reserve balance. <br />He asked when the reserve balance reaches the City goal, should the City continue to <br />build the reserve? Mr. Espe outlined the purpose and benefit of the reserve balance. Mr. <br />Tautges explained that when the City reaches its target goal, the City should re-evaluate it <br />PAGE 1 <br />