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Minutes of Special Meeting of Lake Elmo City Council, August 29, 1978. <br />Meeting called to order. at 7:03p.m. by Mayor Armstrong. <br />Present: Mayor Armstrong, Councilwoman Lyons and Councilmen Pott and <br />Morgan. <br />Absent: Councilman Shervheim. <br />Audit: Mr. Robert Voto, of. DeLaHunt, Voto & Co., Ltd., reviewed the <br />audit for fiscal year ending Dec. 31, 1977. He pointed <br />out that although the 1977 audit was acceptable, state <br />legislation require that 1978 records be on an accrual basis. <br />Again in 1977, as in 1976, he pointed out that investment <br />fund interest should be assigned to appropriate fupd�when <br />received. <br />A special trust fund account should be established to record <br />all pass thru transactions. <br />Since Lake Elmo is now in its third flood project, it is <br />recommended that these expenditures be recorded in a separate <br />account. <br />Motion by Mayor Armstrong 2nd by Councilman Morgan to <br />approve the interfund cash transfers, recommended by the <br />auditors, on page 6 of 1977 audit. Said transfers to be <br />made during 1978. Carried 4-0. Councilman Shervheim absent. <br />Recommendation that city contract with Washington County <br />to get the assessment roles on the county computer system. <br />i <br />Motion by Councilman Pott 2nd by Councilman Morgan to <br />transfer the December 31, 1977 balance of $188. in the RR <br />crossing account to the Road Project account. Carried 4µ0. <br />A compliance audit will be required every three years on <br />Revenue Sharing. Auditor said we could comply in 1978 but <br />suggested we wait until 1979. <br />First hearing on Revenue Sharing budget is scheduled for <br />September 5, 1978. Recommend that council review the previous <br />expenditures. <br />Budget discussion. Personnel decisions: Councilman Pott recommended <br />that employee wages and benefits be reviewed once a year, <br />other than new hire. <br />Council reviewed and submitted the attached budget. <br />Budget: The unaudited 1979 budget was $368,460. Total revenue other <br />than General Property -tax was $199,829. This leaves $168,631. <br />to be levied from General Property Tax. (1978 was $171,792.). <br />Council agreed that they would approve this figure or 9.5 <br />mils whichever was less. Final vote scheduled for Council <br />Meeting September 5, 1978. <br />Adjournment: Motion by Councilmhn:Pott, 2nd by Mayor Armstrong to <br />adjourn at 11:29 p.m. Carried 4-0. <br />