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May 24, 1985 <br />Page 2 <br />has been forwarded to both the City Attorney and the city's auditing firm for their <br />review and camnent. As their comments are received staff will amend the proposed <br />ordinance and further report to Council on this topic. <br />Continue to review Revenue Shari r uirements and internal rocedures to c 1 . <br />City staff is well aware of the burdensome Federal procedures regarding Revenue <br />Sharing and has subscribed torteRevenueyS l9e'�S°HadlcappedcRequi�rvenue ementsSHanldbook <br />Handbook and the are Federal current <br />in order to be aware of current procedures and to ensure an awareness of any future <br />changes in said procedures. <br />hich <br />ll <br />havelbr clolsil"11,11 the Debt e� de• The Audidto sice haveunds of the recommendedCthatfthewState Aid Bond Fundandthets <br />Equipment Debt Certificates Fund be closed. In the case of both funds bond payments <br />been indrpay payments <br />onem.e certiTherefore,esthavaff croncursade withnttx the <br />Auditor ssno further recamiendationsobligation <br />has prepared resolutions for Council consideration which would close these funds and <br />transfer the remaining balances in them to the General Fund. Those resolutions are <br />attached for your consideration. <br />Continue to nitloerminterctiim ed financinglas maylbe orequiredy81During 1983taBspec alc <br />assessment debt service study was prepared to evaluate the financial position and <br />projected cash flows of Lhis Fund. Atthattime it was pleasedutotthat reportthe that,duewtold <br />incure cash overdrafts beginning in May 1985. I am p <br />collections of prepayments of assessments this overdraft did not occur. Staff will <br />make new projections of the financial position of the Fund and report on the results <br />of the new projections as soon as passible. At the present time it appears that the <br />Fund will not incur cash overdraft during 1985. n -� <br />consistent with the Munici 1 State Aid rinion stating that the anqunts in the <br />resolution. Toe City Attorney has issued an op' <br />Silver Lake Mloods Pr°jest B1-1 Fund may be expended for projects which are authorized <br />in Chapter 26 of the City Code• Further remnmsndation Eor expenditure of funds will <br />be consistant with the City Attorneys opinion. <br />sition of the City <br />ucy's water <br />Continue to monitor the user rates for the City's water and sewer operations. <br />Finance Department staff annually evaluatersoce sfadequacy of rates are considered and <br />and sewer operations. During the budget p <br />ator <br />if, in the opinion of the City Finance Department staff and/or the Clerk-tlining the pro P° oseddrrate <br />rate adjustment is necessary a recommendation will be made ou <br />and rational for said rate. <br />Continue efforts to mont <br />nitor internal accountingcontrolthennecessity of maintaining <br />ning <br />capabilities of the City. The Auditors commented upon <br />adequate internal accounting controls. I am well aware of the need for such internal <br />controls and am continually reviSewws g suc nxdnby individualaware that t employees.However,substantialhe <br />due <br />portion of the accounting processes <br />to the size of our department I do not believe that it is feasible to further <br />tinlegal <br />ncea t the <br />eidi•The Auditors su Statutes.ldo not <br />segbeen pursuant Minnesota <br />scope of their <br />