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Mounds View City Council July 24, 2006 <br />Regular Meeting Page 3 <br />regarding the final opinion, they have reported two findings: timely payment of invoices and one <br />item regarding administrative penalties. He stated it is a follow-up consistent with last year's <br />findings. <br />Mr. Nelson pointed out on page one, which includes the auditors' comments, and that they found <br />the financial records to be in excellent condition. <br />Mr. Nelson stated the City submitted the report for Certificate of Excellence. <br />Mr. Nelson stated that there was a special item reported for the sale and closing of the golf <br />course. He stated there were two comments regarding investment broker acknowledgement <br />certificates, which are recommendations for the City for this year. He stated the last item in the <br />summary is a comment on internal control and cash receipts. <br />Mr. Nelson pointed out on pages three and four the graphs refer to the City's market value and <br />tax capacity. He stated pages five and six deal with the Governmental Funds Overview. He <br />stated there was a comparison with statewide averages and the City continues to generate less <br />than average funds per-capita. He stated on page six, there is a table showing expenditures. He <br />stated that the City has below-average expenses when compared to other Cities. <br />Mr. Nelson pointed out on page seven that the general fund financial position since 1996 is <br />shown. He stated the City has been able to provide a stable position for several years. He stated <br />the fund balance falls within the state auditor's recommendation. <br />Mr. Nelson stated page eight explains the general fund revenue and that revenues came in better <br />than anticipated. He stated on the expenditures side, the City spent 1.3% less than was planned in <br />the budget. He stated the City has been spending responsibly. <br />Mr. Nelson noted the enterprise operations and positions of water and sewer funds. He stated it <br />has maintained a stable operating performance and is in a healthy operation performance. He <br />stressed the importance that the operations are maintaining and operating efficiently. He noted <br />the sewer fund has been steady and healthy as well. <br />He stated that Page 12 points out what the City has done since implementing the Gatsby 34 <br />management plan. He stated that enterprise has shown an increase and this year's ending balance <br />is about $8 million higher than last year's ending balance. <br />Mr. Nelson explained that page 13 is a statement of activities entity wide. He stated that the <br />City's governmental activities rely more on taxes more than the business-like activities, which <br />rely on program revenues. He stated GASB 40 was implemented this year and there will be a <br />change in the financial investments. Mr. Nelson stated there have been discussions of GASB 44 <br />and 45 relating to the City's investments. <br />• <br />