Laserfiche WebLink
Mounds View City Council July 24, 2006 <br />Regular Meeting Page 3 <br /> <br />regarding the final opinion, they have reported two findings: timely payment of invoices and one 1 <br />item regarding administrative penalties. He stated it is a follow-up consistent with last year’s 2 <br />findings. 3 <br /> 4 <br />Mr. Nelson pointed out on page one, which includes the auditors’ comments, and that they found 5 <br />the financial records to be in excellent condition. 6 <br /> 7 <br />Mr. Nelson stated the City submitted the report for Certificate of Excellence. 8 <br /> 9 <br />Mr. Nelson stated that there was a special item reported for the sale and closing of the golf 10 <br />course. He stated there were two comments regarding investment broker acknowledgement 11 <br />certificates, which are recommendations for the City for this year. He stated the last item in the 12 <br />summary is a comment on internal control and cash receipts. 13 <br /> 14 <br />Mr. Nelson pointed out on pages three and four the graphs refer to the City’s market value and 15 <br />tax capacity. He stated pages five and six deal with the Governmental Funds Overview. He 16 <br />stated there was a comparison with statewide averages and the City continues to generate less 17 <br />than average funds per-capita. He stated on page six, there is a table showing expenditures. He 18 <br />stated that the City has below-average expenses when compared to other Cities. 19 <br /> 20 <br />Mr. Nelson pointed out on page seven that the general fund financial position since 1996 is 21 <br />sh own. He stated the City has been able to provide a stable position for several years. He stated 22 <br />the fund balance falls within the state auditor’s recommendation. 23 <br /> 24 <br />Mr. Nelson stated page eight explains the general fund revenue and that revenues came in better 25 <br />than anticipated. He stated on the expenditures side, the City spent 1.3% less than was planned in 26 <br />the budget. He stated the City has been spending responsibly. 27 <br /> 28 <br />Mr. Nelson noted the enterprise operations and positions of water and sewer funds. He stated it 29 <br />has maintained a stable operating performance and is in a healthy operation performance. He 30 <br />stressed the importance that the operations are maintaining and operating efficiently. He noted 31 <br />the sewer fund has been steady and healthy as well. 32 <br /> 33 <br />He stated that Page 12 points out what the City has done since implementing the Gatsby 34 34 <br />management plan. He stated that enterprise has shown an increase and this year’s ending balance 35 <br />is about $8 million higher than last year’s ending balance. 36 <br /> 37 <br />Mr. Nelson explained that page 13 is a statement of activities entity wide. He stated that the 38 <br />City’s governmental activities rely more on taxes more than the business-like activities, which 39 <br />rely on program revenues. He stated GASB 40 was implemented this year and there will be a 40 <br />change in the financial investments. Mr. Nelson stated there have been discussions of GASB 44 41 <br />and 45 relating to the City’s investments. 42 <br /> 43