CC PACKET 07122022 - Laserfiche WebLink

Home Browse Search

City Council Regular Meeting Minutes June 28, 2022 Page 4 1 The required communications with those charged with Governance included No new accounting 2 standards were adopted by the City; The City updated its fund balance policy during 2021, 3 increasing the targeted range for unassigned general fund balance to 35% - 50% of the ensuing 4 year’s budgeted expenditures; net pension liability is an estimate; and sensitive footnotes: Note 6 5 – long-term debt, Note 19 – subsequent events. No difficulties were encountered during the 6 audit, no disagreements with management. There were no corrected misstatements identified 7 during the audit. The Apache TIF District (Walmart) now has positive fund balance for the first 8 time ($151,357 at 12/31/21). 9 10 Mr. Hering reviewed the financial results statements for the City Council. The fund balance 11 available as of December 31, 2021 is sufficient to meet the City’s policy for minimum 12 unassigned fund balances. 13 14 Councilmember Jenson commented the level of detail and information is overwhelming. He 15 thanked Mr. Yunker, Ms. Rueckert and staff for their work all year. He thanked Redpath for their 16 work. 17 18 Mayor Stille gave kudos to staff. 19 20 Councilmember Webster thanked Mr. Hering, and Ms. Rueckert and her team. She thanked Mr. 21 Yunker for seeing the internal controls are in place. She asked Mr. Hering about the footnotes 22 and where they are located in the report. Mr. Hering stated the footnote 6 is on page 60 and 23 footnote 19 is required to be disclosed. 24 25 Mayor Stille referred to the Apache TIF District having a positive balance. He noted this stems 26 from an event when revenue bonds were going to pay that debt service. The developer had 27 arranged for them. The City paid the bonds off at a lower interest rate which allowed the City to 28 have that debt paid down. The City can capture the revenue at the tail end of that. The policy was 29 changed regarding the fund balance was done some time ago. 30 31 Councilmember Walker asked why the operating expenses were higher in 2018 and 2019. Mr. 32 Hering stated he did not know. Mayor Stille stated the light bulbs in the advanced oxidation plant 33 is what Ms. Rueckert was speaking about. The bonding exercise tells the City about their 34 financial strength in their rating. 35 36 Motion by Councilmember Webster, seconded by Councilmember Walker, to accept the 2021 37 Financial Audit Presentation. 38 39 Motion carried 4-0. 40 C.41 Resolution 22-056 – Approving Installation of a Telecommunications Facility on the 42 City’s Water Tank Located at 3109 33rd Avenue. 43 44 Finance Director Shelly Rueckert reviewed DISH Wireless, LLC wants to install a high speed 45 wireless internet facility on the City’s Water Tank located at 3109 33rd Avenue. The facility will 46 be installed where Clear Wireless LLC (Sprint) was located before terminating the lease with the 8