CC PACKET 04252000 - Laserfiche WebLink

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Honorable Mayor and Members of the City Council City of St. Anthony, Minnesota Other Matters Transfers .The following transfers are reflected in the accompanying financial statements. The transfers are being presented to the Council for adoption and approval . To/From: Amount General Fund from General Reserve Fund $21 ,340 General Reserve Fund from Revolving Improvement Fund 100,000 Storm Water Improvement Fund from Revolving Improvement Fund 175,000 Street Improvement Fund (debt service) from Street Improvement Construction Fund - Year 1995 68, 164 1997 3,496 1998 11 ,133 Budget - Special Reveune Funds According to generally accepted accounting principles operating budgets are required for all special revenue funds. Future budgets adopted by the City should include separate operating budgets for each of the special revenue funds. Currently, the budget reflects only a budget for operations of the community center and the Housing and Redevelopment Authority. Budgets should be developed for the other special revenue funds for inclusion in the City's budget document. The accompanying financial statements include budgeted amounts for the other funds based on the level of funding received during the year to make the financial .state- ments more readable. Liquor Inventory System To improve the accuracy of the inventory valuation reports and the reconciliation of inventory to general ledger accounting records, a recommendation that purchases be reconciled between the inventory system and the supporting accounting records was made for 1999. This recommendation was supported by the liquor manager, and the reconciliation was to be performed at least quarterly. During the audit it was noted this policy was not performed regularly during each quarter. This procedure should be reinstated in 2000. Employee Training Due to the turnover in administrative personnel over the past year, the importance of cross-training other personnel to perform other accounting functions should be emphasized. This is necessary' to avoid the interruption of services performed or provided due to prolong absences of individuals.