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Date: 6-16-08
Item: 1
ITEM: Report on the Park Dedication Fund Balance
SUBMITTED BY: Susan Hoyt, City Administrator
The Park Commission is receiving an update on the status of the park dedication fund balance for purposes of future capital planning for the parks.
On the recommendation of the city’s auditor, the city has hired a government finance trained finance specialist to provide financial oversight, reconciliation and organization.
The first and major phase of this work involved reviewing the city’s detailed financial transactions and making sure that they were recorded in the appropriate city accounts. This has
been a productive endeavor.
Specifically, the results of this work determined that park dedication funds had been inadvertently assigned to the wrong funds. After reviewing development agreements back in time,
the park dedication fund balance was adjusted to reflect park dedication feeis:
12/31/06 $ 322,134 12/31/07 $1,028,429
The funds are restricted to capital park improvement projects and the purchase of equipment used to maintain parks.