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Water Refunding Bonds were issued in March. These bonds will be used to pay <br /> off the 1991 Water Revenue Bonds at their call date in 2001. Due to the <br /> difference in interest rates of the two issues the City will realize a savings in <br /> interest costs of approximately $166,000 between 1993 and the final maturity of <br /> the refunding bonds in 2013. <br /> The Finance Department coordinated, participated in, and survived the 1993 <br /> Budget Process. A record seven drafts of the budget were prepared. Some <br /> highlights of the budget process: <br /> Many of the budget reports were reformatted in a different type style to <br /> improve their readability. <br /> The budget video was revised to include an introduction and opening <br /> remarks by the City Administrator and a conclusion and closing comments <br /> by the Mayor. <br /> The Mayor developed and used poster boards to explain the calculation of <br /> property taxes. He said it was his "Ross Perot routine". <br /> The budget hearing attracted a record 60+ citizens and was a success due <br /> to Council members explanations of the budget and positive citizen input. <br /> Updated payroll software purchased in 1993 enabled the Payroll Clerk to more <br /> efficiently process payrolls and federal and state reports. Reporting of employees <br /> contributions to the supplemental ICMA retirement plan was automated; the City <br /> now sends reports to ICMA on a computer diskette rather than a paper report. <br /> The most outstanding accomplishment in the area of payroll was starting the <br /> direct deposit of employee payroll to their banks through the Automated Clearing <br /> House(ACH) system. Approximately 20 employees use this service. Plus the City <br /> saved $2,000 in the process. We were advised by the vendor of our payroll <br /> software that we would need to purchase an upgrade to make it work for $2,000. <br /> After discussions with representatives of Western Bank, we decided to try direct <br /> deposit without the software and found that the process worked without the <br /> software. <br /> The Department worked with Samantha and Mary Saarion on the golf course <br /> bond issue. The bonds were sold in December and the proceeds received in <br /> January. <br /> A new computer was purchased for the Fmance Director. We purchased one <br /> from PC Tailors and are quite pleased with it. <br /> I worked with the City Government Focus 2000 group. It was an interesting <br /> experience to say the least. Many of the group had very little knowledge of City <br />