06-22-1998 - Laserfiche WebLink

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• Page 9 June 22, 1998 Mounds View City Council D. Receive and Approve the Comprehensive Annual financial Report for the City of Mounds View as of and for the year Ended December 31, 1997. Report Attached (Dave Hinnenkamp from Kern DeWenter Viere, Ltd. to be in attendance). Dave Hinnenkamp, Kern DeWenter Viere, Ltd. gave the Council a detailed explanation of financial condition of the City. The City experienced a decrease in its overall available funds. This decrease was due to debt service funds. The City's property tax system is working well with a very low percentage of delinquent taxes. The City's current fund balance covers about 90 percent of 1998 budget expenditures. The City is currently meeting the accounting firms recommended fund balance of three to six month worth of expenditures. A pie chart of 1997's use of the general fund revenues was reviewed. Property taxes and state aids, local government aided HACA, comprised 77 percent of the City general fund. These figures were stated as average for cities in the state. A pie chart showing general fund expenditures was reviewed. Public safety was 41 percent of the total. General government being 27 percent, and streets and highways were 9 percent. • Under internal controls: It is being recommended that all department heads or other individuals with budget authority approve disbursements. This process was not taking place. A formal process for approving payroll disbursements is recommended, even to the point of determining whether some of the duties of the payroll personnel should be transfered to other personnel. In summary it was stated the City is in very good financial condition and sound financial management is being exercised. In addition, the City's budget process, projecting out what the fund balances might be, shows that the City is planning for the future. MOTION/SECOND: Quick/Stigney to approve the Comprehensive Annual Financial Report for the City of Mounds view as of and for the year Ended December 31, 1997, as submitted. VOTE: Ayes - 4 Nays - 0 Motion carried. E. Approve Resolution 5248, Approving 1997 Budget Transfers, Designations and Carryovers (Present Bruce Kessel, Finance Director). MOTION/SECOND: Quick/Gunn to approve Resolution 5248, Approving 1997 Budget Transfers, Designations, and Carryovers. VOTE: Ayes - 4 Nays - 0 Motion carried.