Agenda Packets - 2010/06/28 - Laserfiche WebLink

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Mounds View City Council May 24, 2010 Regular Meeting Page 2 1 Mayor Flaherty thanked Pat for bringing this information to the City and encouraged residents to 2 request to see a City permit from any solicitor in the City. All those approved to sell in Mounds 3 View will have a permit with them at all times. 4 5 6. SPECIAL ORDER OF BUSINESS 6 A. 2009 Audit Presentation by Aaron Nielsen, CPA, Principal – Malloy, 7 Montague, Karnowski, Radosevich, & Co., P.A. 8 9 Aaron Nielsen, CPA with Malloy, Montague, Karnowski, Radosevich & Co., introduced himself 10 to the Council and reviewed the 2009 year-end audit in detail. Mr. Nielsen reviewed the 11 management report under the audit summary stating the audit was offering a clear and unbiased 12 opinion to the City. He further discussed the taxable income trends over the past 10 years. The 13 average tax rate was below the 2008 rate and below the state-wide averages. 14 15 Mr. Nielsen stated the overall financial position of the City at the end of 2009 was great. The 16 2009 budget was only off by $101,000 as revenues were under-budget by $320,000. Expenses 17 were reduced in 2009 by $65,000. The City has posted positive equity for 2009 and the net 18 assets increased over the year. He reviewed several accounting updates the Council should 19 expect to be implemented in 2011 and with that asked the Council for any questions or 20 comments. 21 22 Council Member Stigney asked if the public safety expenses included both the police and fire 23 department. Mr. Nielsen explained both entities were included in the public safety expenditures. 24 25 Mayor Flaherty thanked Mr. Nielsen for the report, along with the entire Finance Department for 26 the great work completed for the City. 27 28 B. Senator Betzold and Representative Tillberry Speak to the City Council 29 about the 2010 State Legislative Session 30 31 Representative Tillberry updated the Council as to what occurred in the 2010 legislative session. 32 He stated the session did end on time and the budgetary deficit was the main concern. A 33 balanced approach had to be taken because the State could not spend or cut its way out of the 34 deficit. Instead, the State needed to reduce, reform and create additional revenue. 35 36 Representative Tillberry explained many of the previous unallotments were held even after the 37 Supreme Court decision given the time frame. The deficit situation will remain to be difficult as 38 payment delays were approved and would carry over to the next session. A special session was 39 not looked upon favorably. He indicated that in the end as the state continues to reduce and 40 reform governmental expenditures the budget situation will be easier to balance. In addition, as 41 revenues continue to increase through income taxes this would assist with the deficit. 42 43 Senator Betzold thanked the Council for their time and stated the legislative session was 44 extremely busy. The Senate looked at passing a job bill, a more strict DWI initiative, along with 45