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Members of the City Council <br /> City of St. Anthony, Minnesota <br /> Other Matters <br /> Housing and Redevelopment Authority - The City has a balance due to the Housing <br /> and Redevelopment Authority as of December 31 , 1992 of $153,473. A portion of <br /> this amount has been repaid in February 1993. The other portion of the balance <br /> should also be repaid as soon as possible. <br /> Liquor Change Fund - The amount of the change fund utilized by the liquor operation <br /> should be reviewed to determine if the amount is in excess of current requirements. <br /> Based upon limited discussions with liquor personnel , the amount used on weekends <br /> and holidays is in excess of current requirements. In addition, perhaps the <br /> individual responsible for counting the cash on a daily basis should be part of <br /> the finance department, reporting to the finance director instead of the liquor <br /> operations manager. <br /> Financial Condition <br /> The unreserved fund balance of the General Fund was $774,858 as of December 31 , <br /> 1992; a decrease of approximately $12,300 from 1991 , after transferring funds of <br /> $173,157 for revenue stabilization and accrued compensated balances. This amount <br /> represents approximately 33% of budgeted expenditures for 1993. The unreserved <br /> fund balance provides needed working capital to finance current year expenditures <br /> until tax settlements and state aids are received. In addition, this amount serves • <br /> as a safeguard against potential revenue shortages or unexpected expenditures. <br /> Other funds of the City are in good financial condition. Sufficient funds are <br /> available in the debt service and enterprise funds to meet current debt service <br /> requirements. In addition, funds are available to temporarily finance improvement <br /> projects comtemplated by the City Council. <br /> The amount of fund balances available in City funds is an indication of the excel- <br /> lent financial condition of the City and the City Council should be complimented on <br /> this achievement. However, City management should continue to monitor its financial <br /> position throughout the year to maintain or preserve its current financial condition. <br /> If the Council wishes, I would be pleased to meet and discuss any of the observa- <br /> tions, comments, or recommendations mentioned or other matters pertaining to the <br /> audit with the Council or management at your convenience. If the City desires, <br /> I am available to assist with the implementation of any of the recommendations. <br /> I wish to express my appreciation for the courtesies and cooperation extended by <br /> the City Manager, Finance Director and City personnel during the engagement. <br /> 1000C41Z 9 . <br /> Stuart J. Bonniwell <br /> Certified Public Accountant • <br />