Agenda Packets - 1994/08/01 - Laserfiche WebLink

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Quarterly Report - 2nd Quarter 1994 - Finance • We survived another annual audit! The Comprehensive Annual Financial Report received an unqualified(clean) opinion from the auditors. The Management Report contained only recommendations that the City continue to monitor activities effecting municipal finances. The Federal Financial Assistance Report stated that the City was in compliance with grant provisions. The Auditors presented their report to Council in early June. • Work began on the Long Term Financial Plan. Council had several work sessions to review the Plan and will have the introduction of an Ordinance to adopt it at the August 8, 1994 Council meeting. • Renewal of the City insurance policies was approved at the June 27, 1994 Council meeting. League of Minnesota Cities Insurance Trust(LMCIT) rates remained unchanged from 1993 for the most part. Premiums increased slightly due to increases in property values and other rating factors. Workers compensation premiums decreased as a result of unchanged rates plus a decrease in the City's experience modifier. The modifier decreased from .83 to .75 . This is, in effect, a 25% discount on our rates. Samantha and I are looking into managed care. That will give the City an additional discount of 5% of premiums. • In response to the Focus 2000 Citizen's Group and citizens attending the 1994 budget hearing the 1995 budgets are being prepared in a program budget format. Changing formats has proven to be a gargantuan task, however, the department heads have proven that they are able to handle it. Several budget sessions have been held with the Council and the General Fund budget has been completed and the proposed tax levy has been set. Work has begun on the budgets of the Special Revenue and Enterprise Funds budgets. A first draft will be presented at the August 1, 1994 Work Session. • Kitty Hickok and I have been searching for fixed asset software which will allow us to produce all required reports for our Comprehensive Annual Financial Report(CAFR) without downloading into other software or compiling reports manually. It turns out that we found the software needed in our own backyard. Our auditors have developed a system which will do all we want it to and more. Other features include insurance values, replacement schedules, and flexibility to do many sorts and produce customized reports . We will be installing the software in the near future.