HomeMy WebLinkAbout05/12/1997 Council MinutesSPECIAL COUNCIL MEETING MAY 12,1997
CITY OF LINO LAKES
COUNCIL MINUTES
DATE May 12, 1997
TIME STARTED 5:40 p.m.
TIME ENDED 6:15 p.m.
MEMBERS PRESENT Council Members Bergeson, Kuether, Lyden
and Neal and Mayor Landers
MEMBERS ABSENT None
Staff members present: City Administrator, Randy Schumacher; Finance Director, Mary
Vaske and Clerk -Treasurer Marilyn Anderson.
City Auditors Fred Espe and Rob Tautges from Tautges, Redpath, LTD. were also
present.
Mr. Espe explained that the City was required to do a Federal Singl
were no findings to report and the City will not be required to
future.
The 1996 Annual Finance Audit has been com
report. The Lino Lakes Finance Departme t h
Reporting Certificate of Achievemen
eport. There
r in the
a c unqualified audit
xcellence in Financial
rk on this audit.
Mr. Espe outlined the Man.' the Annual Audit. Some areas of the audit
specifically noted by
1. Change t reporting
2. Large bal e Area and Unit Fund
3. Large incre in service and permit fees
4. Closed Bond Fund
Council Member Bergeson noted that the City has been lucky and has been able to pay off
improvement bonds early. This has resulted in excess funds that were put into the Closed
Bond Fund.
Mr. Espe suggested the City give some attention to segregating duties in the Finance
Department so there would be no conflict of areas.
Council Member Bergeson noted that the City is building a General Fund reserve balance.
He asked when the reserve balance reaches the City goal, should the City continue to
build the reserve? Mr. Espe outlined the purpose and benefit of the reserve balance. Mr.
Tautges explained that when the City reaches its target goal, the City should re-evaluate it
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SPECIAL COUNCIL MEETING MAY 12,1997
goals and make a conscious decision to continue building the reserve fund balance or
reserve the future fund balances for another project.
The Council thanked Ms. Vaske for her work on the audit. They also thanked all of the
Department Heads for living within their budgets.
The meeting was adjourned at 6:15 p.m.
These minutes were considered, corrected and approved at a r
on June 14, 1999.
Mrilyn G. Anderson, Clerk -Treasurer
Council meeting held
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