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5-22-86 Agenda & Packet
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5-22-86 Agenda & Packet
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t . <br /> City of Mounds View, Minnesota <br /> Management Report, Page 16 <br /> 111/1 Without this adequate General Fund reserve, the independence and autonomy of the <br /> ity may be impaired. The City of Mounds View has taken actions over the past several <br /> years to improve the financial position of its General Fund. We commend the City for <br /> these actions and encourage the City to continue to monitor this reserve balance. An <br /> adequate reserve structure will enable the City to retain its financial independence and <br /> integrity during the present change in economic environment. <br /> Special Revenue Funds <br /> The financial statements of the Special Revenue Funds are presented in Statements 10 <br /> through 14 of the 1985 Annual Financial Report. Special Revenue Funds is a classifica- <br /> tion of funds to account for revenues (and expenditures related thereto) segregated by <br /> City policy or Federal or State Statutes for specific purposes. The City maintained the <br /> following special revenue funds during 1985: <br /> 111/1 <br /> Fund Balance (Deficit) <br /> December 31 , Increase <br /> Fund 1985 1984 (Decrease) <br /> Federal Revenue Sharing $ 9,026 $ 45,922 $(36,896) <br /> Recreational Activity (11 ,590) (20,928) 9, 338 <br /> Forestry 18,724 20,701 (1 ,977) <br /> Totals $ 16,160 $ 45,695 $(29,535) <br /> Federal Revenue Sharing <br /> The process of receiving and expending Revenue Sharing monies requires numerous <br /> compliance steps. A detail compliance audit is required once every three years. This <br /> report is submitted to the Office of Revenue Sharing for acceptance. The City had such <br /> a compliance audit for 1982 (completed in 1983) and therefore will not require a <br /> compliance audit until 1985 (to be submitted in 1986) . We recommend that the City take <br /> action to approve this audit. <br /> 111/1 <br />
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