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City Council Regular Meeting Minutes April 25, 2000 • Page 6 1 financial condition continues to remain strong. The operating funds of the City, consisting of the 2 General Fund, Special Revenue, Debt Service, and Capital Project funds remained healthy. The 3 City's proprietary funds (enterprise funds -- liquor and utility) also improved as a result of opera- 4 tions for the year. The strong financial condition of the City is reflected in the bond rating re- s ceived by the City from Moody's Investors Services. 6 Additionally, the general fund balance as of December 31, 1999 showed an increase of 32.50% 7 from the prior year. Furthermore, revenues exceeded expenditures and Mr. Bonniwell proceeded 8 to show a condensed summary of revenues and expenditures compared to the budget for 1999. 9 Moreover, Mr. Bonniwell stated that certain transfers from funds were reflected in the accompa- 10 nying financial statements, but he reviewed the specific transfers and the amounts relating thereto 11 with the Council as set forth in his letter of March 28, 2000. In concluding his presentation, Mr. 12 Bonniwell reviewed the balance of said letter with the Council and fielded additional questions. 13 Hodson directed questions towards Mr. Bonniwell regarding the City's investment portfolio. 14 Hodson expressed interest in reviewing the City's portfolio and Cavanaugh agreed that was an 15 excellent idea. is Cavanaugh acknowledged that there was an action item to be addressed regarding approval of the 17 above-mentioned transfers. 18 Motion by Horst to approve the transfers reflected on page 5 of Stuart Bonniwell's letter of 19 March 28, 2000, and set forth below: 20 To/From: Amount 21 General Fund from General Reserve Fund $ 21,340 22 General Reserve Fund from Revolving Improvement Fund 100,000 23 Storm Water Improvement Fund from Revolving Improvement Fund 175,000 24 Street Improvement Fund (debt service) from Street Improvement 25 Construction Fund - Year 26 1995 68,164 27 1997 3,496 28 1998 11,133 29 Motion carried unanimously. 30 Cavanaugh inquired about potential transfers of liquor profits for park improvements. Morrison 31 stated that the City would require funds for Central Park improvements; however, the dollars 32 could be placed in the General Fund with the flexibility for transfers, or the funds could remain in the liquor fund and continue to have flexibility.