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COUNCIL MINUTES JUNE 28, 2004 <br />APPROVED <br />49 ii) Centennial Fire District (Check No. 14317 - <br />50 14336, $20,435.34). Approved <br />51 <br />52 B. CONSIDERATION OF APPLICATION <br />53 FOR BLOCK PARTY, PALOMINO LANE, <br />54 BEHM'S FARM ADDITION Approved <br />55 <br />56 C. CONSIDERATION OF NOT WAIVING <br />57 MONETARY LIMITS ON TORT LIABILITY PER <br />58 MINN. STATUTE 466.04, AL ROLEK Approved <br />59 <br />60 D. CONSIDERATION OF RESOLUTION NO. 04-90, <br />61 RENEWAL OF ANNUAL FIREWORKS PERMIT <br />62 FOR SUPERTARGET STORE, ANN BLAIR Approved <br />63 <br />64 E. CONSIDERATION OF RESOLUTION NO. 04-93, <br />65 APPROVING SUMMARY PUBLICATION <br />66 METHOD AND SUMMARY LANGUAGE FOR <br />67 PUBLICATION OF LENGTHY ORDINANCE <br />68 (ORDINANCE NO. 04-04 — REZONING OF LEGACY <br />69 AT WOOD'S EDGE PROPERTY TO PLANNED <br />70 UNIT DEVELOPMENT), MICHAEL GROCHALA Approved <br />71 <br />72 Resolution Nos. 04-90 and 04-93 can be found in the City Clerk's office. <br />73 <br />74 FINANCE DEPARTMENT REPORT, AL ROLEK <br />75 <br />76 A. 2003 Audit Report, Al Rolek <br />77 <br />78 Finance Director Rolek summarized his Staff report, and introduced Mr. Darwin Viker of Larson, <br />79 Allen, Weishair & Company. <br />80 <br />81 Mr. Viker noted he had reviewed the Audit Report with the Council in length at the work session and <br />82 would provide only a brief summary now. He advised that the report incorporates changes in the <br />83 accounting standards to GASB State 34, so it is somewhat different from other years. He added there <br />84 was also a change to the auditing standards this year, not specific to government, which posed an <br />85 additional change. <br />86 <br />87 Mr. Viker advised the General Fund is at 75% of one year's expenditures, which is adequate but not <br />88 excessive. He noted there are some capital projects with deficits that go back a number of years, <br />89 which should be cleaned up. He stated the compliance reviews came back very well. <br />90 <br />91 Councilmember Carlson noted the fund balances which are contributing to the 75%, and asked where <br />92 they might best be used. She also asked if it is true the balance keeps growing. Mr. Viker advised the <br />93 balances do not carry over from year to year, and indicated the General Fund fluctuates from year to <br />94 year, ranging from 49% to 75%, which is a typical trend in a growing city. <br />95 <br />2 <br />