05-10-1999 - Laserfiche WebLink

Home Browse Search

MOTION/SECOND: Stigney/Thomason. To adopt Ordinance 629, an Ordinance Amending Chapter 401 of the Mounds View Municipal Code Relating to the Planning and Zoning • Commission of Mounds View, Special Planning Case SP-069-99. Ayes - 3. Nays - 1 (Quick). Motion carried. B. Presentation of the 1998 Audit Report Steven Wischmann, Kern, DeWenter, Viere, Ltd. (KDV), presented the 1998 Audit Report. He reviewed the cash and investment balances for 1998 being $11.2 million noting it is a reduction of $1,755,000 from the previous year primarily in the investment area. Mr. Wischmann noted the Debt Service Fund cash investment balance decreased by about $3.4 million as a result of transfers and expenditures for the Community Center. Mr. Wischmann noted increases in the General Fund by $18,000 and the Special Revenue Fund by $920,000 which resulted from the repayment of a loan from the Special Projects Fund to the State Aid Capital Projects Fund. He pointed out the property taxes and special assessments remained consistent in 1998 with the delinquent property taxes being reduced from the previous year. Special assessments receivable totaled $85,000 which is a relatively small balance and reflects very little change from the previous year. Mr. Wischmann noted the General Fund balance at the end of 1998 was $3,031,784 which is $316,000 lower than the previous year, or 10 months of the 1998 General Fund expenditures but . sufficient to run the City and fund smaller projects without bonding. He noted it is projected there may be a strain on the General Fund balance over the next several years so rt may be lower in preceding years. He then reviewed the General Fund revenues by source and expenditures for various funds. He stated these expenditures were budgeted and resulted in being lower than budgeted. Mr. Wischmann reviewed the transfers out of and into the General Fund in 1998 versus 1997. He noted the graph of General Fund expenditures as contained in the audit report stating they are very consistent. Mr. Wischmann commented on the General Fund balance over the past ten years, noting it is currently just over $300,000. He then presented a cash flow chart presenting the General Fund income received is cyclical. Finance Director Kessel advised that in 1998 the City received $150,000 in building permits which is usually in the $40,000 to $50,000 range. Mr. Wischmann stated park dedication fees were also increased from previous years. Council Member Stigney inquired about information on the property and franchise tax revenues. Finance Director Kessel noted the information can be found on Page 30. 5 ADMIN MIN C 5-10-9 C \ \ UTES\C \ 9. CC