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stated the City is accomplishing what they need to do with the staff that is available, they understand this, and took it into consideration in their management letter. Mr. Wischmann stated they are not recommending any changes but this is a required aspect they are required to report. Mr. Wischmann reviewed the TIF information and list of items which the City should have on file to document allowable costs for the TIF districts in the event of an audit. He noted this issue had been discussed in 1997 and commented on the importance of having that information. Mr. Wischmann commented on collateralization of deposits and explained it is common for the bank holding the dollars to not fully collateralize the excess of FDIC insurance. He advised that at the end of the year these dollars were under collateralized by $206,000. Mr. Wischmann explained that in order to resolve that situation, funds were transferred into the 4M Fund which gained compliance with applicable Statutes. Mr. Wischmann noted the policies and procedures, and the issue discussed relating to cellular and long distance telephone policies (personal use versus City use). He stated there is no easy way to "police" these expenses but they are recommending a policy to disallow the use of these services for personal use. Mr. Wischmann reviewed the CAFR report which they prepared and contains their unqualified opinion which is the highest opinion that can be received. He reviewed the information contained in this report and encouraged the Council to review the details and ask questions. Mr. • Wischmann stated this is a good report, the City is in fine financial condition, and City Admm~stration is functioning m an acceptable manner. Mayor Coughlin thanked Mr. Wischmann and his associates for their presentation and work with the City on the 1998 Audit Report. MOTION/SECOND: Coughlin/Thomason. To accept the 1998 Audit Report as presented. Ayes - 4. Nays - 0. Motion carried. C. Resolution 5337 Setting 2000 Budget Schedule City Administrator Whiting explained the resolution sets forth a schedule they will attempt to follow to consider and approve the Year 2000 budget and levy. He advised it was based on the 1998 schedule and developed to have departments work on their budget issues in June, preliminary levy adoptable before September 15, 1999, and final levy to be adopted in December. City Administrator Whiting noted a correction needed in the proposed resolution to identify that December 13 should be indicated for final Year 2000 Levy and General Fund Budget adoption. 7 C:\ADMIN\MINUTES\CC\5-10 99. CC