Agenda Packets - 2002/10/28 - Laserfiche WebLink

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expenditures picked up and have included major construction payments in the past month. I presume that all expenditures charged into the MSA fund are eligible for reimbursement from the State. To get distributions from the State, it is necessary for the city engineer (currently SEH) to submit claims for reimbursement. I expect that at a minimum, a claim for reimbursement should be submitted to the State at least once a year. No reimbursements have been received from the State since sometime in 1999. H2 construction payments have put the MSA fund in the position of a cash deficit of $494,243 as of today. I recommend that claims for reimbursement for all costs since 1999 be submitted to the State as soon as possible. The Golf Course is having a difficult year with low revenues due to poor weather and effects of the strike. This will be reviewed in detail in the 2003 budget on November 6th. Finance Department Operations: Major third quarter activities for the Finance Department included the completion of the 2001 Annual Financial Report, sale of water revenue refunding bonds, placement of the insurance policies for the period July 2002 through June 2003, and work on the 2003 budget. Insurance premiums have been allocated to funds and departments based upon the factors the LMCIT used to determine the premiums. Fourth quarter Finance Department priorities will include completion of the 2003 budget and re-establishing the long-range financial plan for the City. The next City Council work session dealing with the budget will be on Wednesday, November 6, 2002. For Monday meetings, we try to have the agenda packet completed the preceding Thursday. Since this will be a Wednesday meeting, I would like to hand out the agenda packet on Monday, November 4th, which is a work session night. This will give me time to maximize the completion of work on the budgets for all funds. Some preparations have started for the GASB Statement No. 34, the new financial reporting model that must be incorporated into the City’s 2003 Annual Financial Report. These preparations will need to accelerate beginning in January 2003. Respectfully Submitted, Charles Hansen