HomeMy WebLinkAbout12/22/1997COUNCIL WORK SESSION
December 15, 1997
5:30 p.m.
Large Conference Room
Members present: Mayor Rooff, Getty, Jordan, Krizek, Anders,
Collier, Mollenhoff.
Members absent: Murphy.
Moved by Getty, seconded by Jordan that the Agenda, as proposed, be
approved. Ayes: Five. Absent: Murphy, Mollenhoff. Motion
carried.
Mayor Rooff reviewed the material that was presented to Moodys for
the city's bond rating. A city ordinance was adopted in F.Y. 1994
governing the General Fund cash balance requiring a minimum level
of 5 percent of annual revenue. The city has been in compliance
with the ordinance since June 30, 1994.
Councilperson Mollenhoff now present at 5:32 p.m.
The General Fund cash balance increased to $4.6 million or 17
percent of revenues as of June 30, 1996. General fund receipts and
other sources exceeded disbursements by $934,067 in FY 1994,
$1,671,887 in F.Y. 1995 and $1,808,661 in F.Y. 1996. Mayor Rooff
reviewed with the Council the 5 year General Fund Budget
Comparison. The city completed conversion of cash basis to
Generally Accepted Accounting Principles. Financial reporting
changes resulted in a General Fund balance in excess of $6.9
million and a $4.5 million unreserved balance as of June 30, 1996.
The fund accounts were consolidated from 120 to 26 within a two
year period to comply with G.A.A.P. standards. The G.A.A.P.
conversion removed two major qualifications previously reported in
city cash audit reports. Net operating budgets have varied less
than 5 percent over five years. The Finance Committee continues to
exercise control over budget line -item expenditure authorizations
and all budget amendments. The city has cut the property tax rate
and residential tax bill from $20.05 in F.Y. 1994 to $18.50 in F.Y.
1998. The F.Y. 1998 budget goals of the Mayor and Council
included: re -opening Fire Station #6, adopting a balanced budget
that would allow a managed level of growth in the General Fund
balance while fully funding prioritized levels of service, adopting
a budget and property tax levy which creates a tax stabilization
bank to allow the city to continue reductions in the property tax
rate through F.Y. 2000 as a result of state rollback. projections,
establishing a General Fund payroll reserve for F.Y. 2000 when a
27th payroll must be funded.
.With no further business before the council, it was moved by Getty,
;conded by Mollenhoff that the meeting be adjourned. at 5:45 p.m.
,Ayes: Six. Absent: Murphy. Motion carried.
Nancy Eckert
City Clerk