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UNAPPROVED <br /> Page 9 <br /> June 22, 1998 <br /> Mounds View City Council <br /> D. Receive and Approve the Comprehensive Annual financial Report for the City of <br /> Mounds View as of and for the year Ended December 31, 1997. Report Attached <br /> (Dave Hinnenkamp from Kern DeWenter Viere,Ltd. to be in attendance). <br /> Dave Hinnenkamp, Kern DeWenter Viere, Ltd. gave the Council a detailed explanation of <br /> financial condition of the City. The City experienced a decrease in its overall available funds. <br /> This decrease was due to debt service funds. The City's property tax system is working well with <br /> a very low percentage of delinquent taxes. The City's current fund balance covers about 90 <br /> percent of 1998 budget expenditures. The City is currently meeting the accounting firms <br /> recommended fund balance of three to six month worth of expenditures. <br /> A pie chart of 1997's use of the general fund revenues was reviewed. Property taxes and state <br /> aids, local government aided HACA, comprised 77 percent of the City general fund. These <br /> figures were stated as average for cities in the state. <br /> A pie chart showing general fund expenditures was reviewed. Public safety was 41 percent of <br /> the total. General government being 27 percent, and streets and highways were 9 percent. <br /> Under internal controls: It is being recommended that all department heads or other individuals <br /> with budget authority approve disbursements. This process was not taking place. A formal <br /> process for approving payroll disbursements is recommended, even to the point of determining <br /> whether some of the duties of the payroll personnel should be transfered to other personnel. <br /> In summary it was stated the City is in very good financial condition and sound financial <br /> management is being exercised. In addition, the City's budget process,projecting out what the <br /> fund balances might be, shows that the City is planning for the future. <br /> MOTION/SECOND: Quick/Stigney to approve the Comprehensive Annual Financial Report for <br /> the City of Mounds view as of and for the year Ended December 31, 1997, as submitted. <br /> VOTE: Ayes - 4 Nays - 0 Motion carried. <br /> E. Approve Resolution 5248,Approving 1997 Budget Transfers,Designations and <br /> Carryovers (Present Bruce Kessel,Finance Director). <br /> MOTION/SECOND: Quick/Gunn to approve Resolution 5248, Approving 1997 Budget <br /> Transfers, Designations, and Carryovers. <br /> VOTE: Ayes - 4 Nays - 0 Motion carried. <br />