Minutes - 2000/06/12 - Laserfiche WebLink

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Mounds View City Council June 12, 2000 Regular Meeting Page 14 City to predict were the financial obligations would be for that particular fund in the future. He • stated this Fund was also in very good condition, with approximately $2.5 million dollars in fund equity retained earnings. Mr. Wischman stated in 1999, the operating revenues of the Golf Course Fund were almost identical, and benefited from the fact that there were decreased legal fees, which resulted in improved operations. He indicated there was however, a decrease in the retained earnings of approximately $49,000, versus a loss of $136,000. He advised that in 2000, the Golf Course Fund should show consistent operating results due to the reduced legal fees, however, there would still be some areas that would continue to require resources for corrective action on the Golf Course. He pointed out that the City was in the process of finalizing some advertising projects for the Golf Course, and they would examine this in 2000, and proceed from that point. Mr. Wischman provided the Council with a table, which depicted the tax rate percentages. He advised that the tax rates were very consistent. He indicated in 1993, the tax rates were at 21 percent, however, from 1994 to 1999, they were in the range of 25 to 26 percent. He explained that this was simply a formula based analysis of the amount of taxation on the citizens of Mounds View, and the fact that it is very consistent represents that levies remain consistent, and therefore, the taxes the citizens pay also remain very consistent. Mr. Wischman stated there were some housekeeping items in the management letter, which could be addressed at this time. He indicated the audit process went very well, and the City was very accommodating. He extended his appreciation, on behalf of Kern, DeWenter, &Viere, for the opportunity to work with and for the City. He advised that they are required to test for compliance with Minnesota Statues on various aspects of the audit, and there were zero findings, therefore, the City is in legal compliance with regard to all of items they examined. Council Member Stigney inquired if the tax rate table reflected the 4 percent Franchise Fee that has been levied upon the residents. Finance Director Kessel advised that it did not include the Franchise Fee. MOTION/SECOND: Marty/Quick. To Accept the Comprehensive Annual Financial Report for the Year Ending December 31, 1999. Mayor Coughlin inquired if copies of this document would be made available for review after it has been accepted. Finance Director Kessel stated it would be available for review at no charge, and the fee for a copy of the document was $15. Council Member Quick advised that copies would also be available at the library. Ayes - 4 Nays - 0 Motion carried. D. Consider Authorizing the Mayor and Interim Clerk-Administrator to Sign a Three-year Extension for Auditing Services with Kern, DeWenter &Viere for the Years Ending December 31, 2000, 2001, and 2002.