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