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COUNCIL MINUTES JUNE 13, 2005 APPROVED •91 92 Mr. Geyen advised in the year 2003, the City received the Certificate of Achievement for Excellence 93 in Financial Reporting, and they will be applying for this for 2004. He stated he would expect that the 94 City will receive the award. He explained his firm's greatest concern for the City in the past has been 95 the extent of fund balance deficits. He indicated as a result of some land sales and other factors, the 96 City has reduced those deficits down to only four funds that are carrying a deficit fund balance, which 97 is a great improvement. 98 99 Councilmember Carlson asked what would be the easiest way to compare accounts from one year to 100 the next for a snapshot view of any given account. Mr. Geyen stated if you are looking for detail you 101 would have to go to the detail pages for an individual fund, however a broad overview summary is 102 located on pages seven and eight of the report. He added that pages 12 and 13 give a comparative 103 detail from year to year. 104 105 Finance Director Rolek stated that in the front of the report there is a basic financial statement which 106 could be compared to the same statement from last year, but there is no direct comparison in this 107 report. He added that the full report would be available on the City's website. 108 109 Councilmember Stoltz asked if there was a comparison to where Lino Lakes is with their general fund 110 balance in relation to other cities of similar size. Mr. Geyen stated that from a fund balance 111perspective, he would say Lino Lakes is right down the middle. He indicated Lino Lakes has a good 012 fund balance reserve that fluctuates from year to year, but his firm typically recommends a fund - 13 balance -to -expenditure ratio for a city, taking into consideration size and revenue factors, and Lino 114 Lakes is right in line. 115 116 Mr. Geyen stated the management issues listed in the back of the report are items for the Council and 117 Staff to be aware of, but there is nothing too alarming. He indicated the biggest thing mentioned in 118 this section in the past is the fund balance deficits, which were cleaned up in 2004. 119 120 Councilmember Stoltz moved to approve the 2004 Audit Report. Councilmember Carlson seconded 121 the motion. 122 123 Councilmember Stoltz congratulated Finance Director Rolek and his team. He stated the upgraded 124 bond rating helps the City borrow at a lower rate, and the Excellence in Financial Reporting award 125 means that outside entities have no concerns about the City's reporting. 126 127 Motion carried unanimously. 128 129 ADMINISTRATION DEPARTMENT REPORT, DAN TESCH 130 131 A. Consider SECOND READING of Ordinance No. 02-05, Amending Liquor Code to allow 132 for 2 a.m. closing time 133 •134 City Clerk Blair summarized the Staff report, indicating Staff recommends approval. 135 3