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61 REGULAR COUNCIL MEETING <br /> 2 JUNE 8 , 1993 <br /> 3 PAGE 10 <br /> 4 <br /> 5 <br /> 6 C . City Manaae_r ' s Report <br /> 7 <br /> 8 1 . 1992 City Audit <br /> 9 <br /> 10 Stuart Bonniwell performed the 1992 audit for the City of St . <br /> 11 Anthony . Members of the Council received copies of the audit <br /> 12 and Mr . Bonniwell ' s report . <br /> 13 <br /> 14 The Mayor felt the audit gets more complicated to understand <br /> 15 each year and requested Mr . Bonniwell to explain the current <br /> 16 assets and liabilities of the City . <br /> 17 <br /> 18 Mr . Bonniwell referred to two pages in the audit which <br /> 19 reflected the investments and debt statement for the year <br /> 20 ending in 1992 . The City has $10 . 5 million in cash and <br /> 21 investments and has a debt of $5 . 3 million . <br /> 22 <br /> 23 Mayor Ranallo inquired if the City were in a position to use <br /> 24 some of its cash to pay for improvements . Mr . Bonniwell <br /> 25 responded the City could fund the projects internally and then <br /> assess the benefited property owners . <br /> 28 THe Mayor questioned what could be done if funds were used to <br /> 29 finance projects internally and then it was found that the <br /> 30 City needed funding quickly. Mr. Bonniwell advised that bonds <br /> 31 could still be sold . <br /> 32 <br /> 33 The City Manager noted a problem would result if .projects were <br /> 34 funded internally in that the fund dedicated for future needs <br /> 35 would be depleted and there would be no opportunity to <br /> 36 replenish it by the time it was needed . <br /> 37 <br /> 38 In Mr . Bonniwell ' s audit report he noted that the utility <br /> 39 billing system was inefficient . Councilmember Enrooth recalled <br /> 40 that this system is only five years old and wondered how it <br /> 41 could have become inefficient in such a short time. <br /> 42 <br /> 43 Mr . Bonniwell stated that the City has many different types of <br /> 44 charges . The capacity of the system is limited and it has been <br /> 45 "maxed" out . The Finance Director advised that the needs of <br /> 46 the various charges has exceeded the efficiency of the system. <br /> 47 <br /> 48 Councilmember Marks noted that Mr. Bonniwell had suggested <br /> 49 there may be a problem with the segregation of duties . <br /> 50 <br />