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Members of the City Council <br /> City of St. Anthony, Minnesota • <br /> Financial Condition, continued <br /> Capital Project Funds (continued) - Collection of storm water fees have accumu-: <br /> late.d to approximately $189,200 and are available for storm water related projects. <br /> The Capital Equipment Fund .has a fund balance of $60,593 available for capital <br /> acquisitions in 1996. Included among Housing and Redevelopment Authority accounts <br /> is $2,380,300 for the construction of the Community Center complex; these funds <br /> represent unspent proceeds from the issuance of tax increment bonds. An additional <br /> amount of $800,000 has been designated and is currently available for other HRA <br /> projects as determined by the Commissioners of the HRA. <br /> Enterprise Funds - Liquor operations had an overall net income for the year ended <br /> December 31 , 1995; however, it should be noted that an operating loss was incurred <br /> with the difference between net income and the operating loss attributed to com- <br /> missions, investment and rental income. The Utility Fund also sustained an oper- <br /> ating loss, which was offset by reimbursements and investment income resulting in <br /> net income for the year. Sewer operations had a deficit for the year and continue <br /> to be subsidized by water operations. It is difficult to budget the amount of <br /> revenues needed to maintain the sewer operation as self-sufficient since the pre- <br /> sent City ordinance sets sewer rates using a formula based on the Metropolitan <br /> Council 's charges for the year. To eliminate water operations subsidizing sewer <br /> operations and ensure that revenues are adequate to cover expenses, a possible <br /> revision of the ordinance should be considered. <br /> This report is intended solely for the information and use of the City Council , <br /> management and others within the organization. <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 /> �StuartJ. )nniwell <br /> Certified Public Accountant <br /> • <br />