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the net unassigned fund balance was $2,384,345, resulting in a minimum fund balance of 1 43.96%. She pointed out that the General Fund was used to provide interfund loans totaling 2 $639,128 and these interfund loans are not available to meet the cash flow needs of the General 3 Fund so the minimum unassigned fund balance was reduced to $1,745,217, resulting in a 4 minimum fund balance of 32.17%, consistent with the City’s 30-35% minimum fund balance 5 policy. She presented a six year history of the City’s water operations and stated this fund’s 6 2014 operating income was $45,090. She advised that for the past six years the City has not had 7 sufficient revenue to cover sewer operating expenses and recorded a loss of $137,155 in 2014. 8 She stated that 2014 net income before transfers from the Liquor Fund was $262,942 and the 9 total HRA fund balance was $586,098. She advised that there were no changes in accounting 10 policies during 2014, there were no disagreements with management and no difficulties were 11 encountered in performing the audit. She thanked Finance Director Rueckert and her staff for 12 their assistance with the audit. She advised that a new accounting standard will be required for 13 the year ended December 31, 2015, and requires any city participating in a defined benefit plan 14 to book its share of the net pension liability on its financial statements. 15 16 Councilmember Stille requested further information about the City’s increased revenues. 17 18 City Manager Casey explained that part of the increase in revenues was due to a higher 19 collection rate for property taxes compared to past years. He stated the increased revenue was 20 also attributable to the decertification of the Cub Foods TIF District. 21 22 Councilmember Stille stated that the increase in revenues demonstrates that there are factors that 23 positively or negatively impact the City’s budget and that is one of the reasons for maintaining a 24 cash balance of approximately $2.3 million to provide some cushion. 25 26 Motion by Councilmember Stille, seconded by Councilmember Brever, to accept the 2014 audit 27 as presented. 28 29 Motion carried 4-0. 30 31 VII. REPORTS FROM CITY MANAGER AND COUNCIL MEMBERS. 32 33 City Manager Casey reported that 50 children attended the annual Summer Survival School held 34 last Thursday and Friday and highlights included a presentation by the Police Department on gun 35 safety, a bike rodeo, SWAT team presentation, and the State Patrol helicopter. He stated the Fire 36 Department provided a fire truck demonstration and first aid information. He commended the 37 Police Department and Fire Department for another job well done. 38 39 Councilmember Brever – no report. 40 41 Councilmember Jenson reported on his attendance at the June 22nd St. Anthony Fire Relief Fund 42 monthly meeting. He announced the St. Anthony Orchestra concerts on Thursday, June 25th, at 43 Chandler Place; Sunday, June 28th, at Como Park; and Thursday, July 2nd, at Salo Park. 44 45 Councilmember Stille reported on his attendance at the June 19th open house at the Legends and 46 the June 22nd Planning Commission meeting. 47 48 6