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City Council Regular Meeting Minutes June 23, 2020 Page 3 1 Motion by Councilmember Jenson, seconded by Councilmember Randle, to approve Resolution 2 20-054; a Resolution Approving First Amendment to Contract for Private Redevelopment 3 between the Housing and Redevelopment Authority of St. Anthony, the City of St. Anthony, and 4 Doran SLV, LLC. 5 6 Motion carried 5-0. 7 8 B. Presentation of 2019 Audit 9 10 Mr. Andy Hering, Redpath made a presentation to the City Council on the 2019 City Audit. 11 12 Councilmember Jenson complimented Shelly Rueckert in the Finance Department with the 13 integrity they have in compiling and performing all of the financial transactions for the City. As 14 a resident he really appreciated the effort that her team puts forth to serve the residents. He also 15 thanked Redpath for performing such a thorough audit. 16 17 Mayor Stille explained Redpath is working for the Council and it is their charge to make sure 18 that these books are in order. The Council cannot do that alone in their role so Redpath reports 19 to the Council and the reason why some of the language looks the way it does. The fact that 20 there are no findings is outstanding and the Council is glad that there are none. He thought that 21 is a testimony to Shelly Rueckert and the Council has a lot of confidence in her. 22 23 Mayor Stille indicated he also wanted to talk about the state of affairs in the City. He considers 24 the audit as one component, but the audit just tells them that things are operating nicely, and the 25 numbers add up. He stated this is a two -prong approach because the City has a bond rating that 26 also occurs every time there is a bond issue and that rating has been an AA for many years which 27 tells them of the City's financial health. Between these two he thought the community could get 28 a good sense of the financial soundness of the City and where its money goes. 29 30 Mayor Stille stated on the working capital slide the City has a minimum of thirty percent of the 31 budget and after adjustments that amounts to two million dollars. The City has close to $2.5 32 million and the measurements for that is done at December 31St of every year but what needs to 33 be realized is that the City only gets paid in July and December so the measurement is taken at 34 its high point and the City has to rely on that cash to pay bills between January through June. 35 That is the reason why the City needs to be steadfast and make sure it has enough cash to pay the 36 bills. 37 38 Mayor Stille reviewed the water and sewer fund and noted the graph is showing the City is 39 collecting enough funds to pay for all of the expenses. He noted the water fund is not covering 40 all of its expenses and the City is trying to get people to use less water so in some ways the graph 41 can be looked at as sustainability where the City is doing a good job but will need to find ways to 42 make this fund balance and possibly raise fees to cover the expenses. 43 44 Mayor Stille indicated the City does a street project every year with bond financing which are 45 rated, and that debt accumulates. In 2011 the debt was close to $36 million and that was spread 46 out over 15 years and amortize it, so the City is then able to pay for its street projects and keep