HomeMy WebLinkAbout03/07/1977 Council Minutes24
March 7, 1977
The special meeting of the Lino Lakes City Council was called to order at 8:10 P.M. by
Mayor Bohjanen. Council members present; Karth, McLean, Schneider, Zelinka. Absent;
None. Mr. Don Anfinson, Auditor, was also present.
Mayor Bohjanen said the purpose of this meeting is to go through the audit report with
Mr. Anfinson. He turned the meeting over to Mr. Schneider for explanation.
Mr. Schneider presented copies of the method in which the 1977 budget was prepared, the
estimated fund balances and the estimated cash flow for 1977.
Mr. Schneider asked Mr. Anfinson about borrowing from other funds to meet the financial
need of the City in the months that funds will be low.
Mr. Anfinson said the general fund can be used for any purpose. Monies may be transferred
in and out as needed. However, special revenue funds should not be touched. Mr. Anfin-
son felt the General Fund was in bad shape. There should be a carry over of at least
$50,000.00 to $100,000.00 at the end of the year. He felt the Council should set up a
program on a three to five year basis to build in a contingency fund. He felt it is
necessary that the City get on a three to five year plan in order to clear this financ-
ial deficit.
Mr. Anfinson said an early draw on tax levy could be done.
Mr. Schneider suggested transferring the Federal Revenue Funds to the General Fund to
help balance the short months.
There was some discussion on how this could be done with no decision. There was also
some questions as to how soon Mr. Anfinson felt this City would be in the position to
need a City Manager. Mr. Anfinson had no precise answer. He said sometimes a City can
go along for two to three years on the edge of needing but not being able to afford such
a person:.
Mr. Anfinson also recommended that the audit be on the accrural basis in 1977.
There was general discussion on how this audit had been done and the method of report-
ing. Mr. Anfinson explained the various financial statements for each fund.
The Clerk had given each member a copy of the Assurances that must be signed and in the
mail by March 11, 1977. There was some discussion on these requirements. Mr. Zelinka
moved to authorize the Mayor to sign these forms. Seconded by Mr. McLean. Motion carr-
ied unanimously.
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Mr. McLean moved to adjourn at 10:20 P.M. Seconded by Mr. Karth. Motion carried unanimously.
These minutes were co ected and ap rov d at the March 14, 1977 regular scheduled Council
meeting.,�,�/
CL K - TREASURER