HomeMy WebLinkAbout01.09.2006 (2)•
COUNCIL WORK SESSION
January 9, 2006
4:45 p.m.
Council Chambers
Members present: Mayor Hurley, Kincaid, Welper, Gunderson, Greenwood, Getty, Cole,
Schmitt.
Moved by Schmitt, seconded by Kincaid that the Agenda, as proposed, be approved. Ayes:
Seven. Motion carried.
Dale Minor, representing Hogan -Hansen, reviewed the Comprehensive Financial Report for the
year ended June 30, 2005. Mr. Minor explained the goal of the city is to have the unreserved
General Fund balance up to where the city does not have to dip into other accounts, and the city
has made great strides toward that goal as shown by the increased bond rating. The city budgets
on a modified cash basis, and the audit is performed using Generally Accepted Accounting
Principles.
Mr. Minor reviewed the financial statements. The General Fund undesignated/unreserved
balance is $4,285,725, which is about an 8 percent increase. There are unreserved/designated
fund balances for Vision Iowa, insurance and other things. The unreserved General Fund saw an
increase, with help from Vision Iowa and the Solid Waste Commission. Mr. Minor cautioned
the council that the undesignated Employee Benefits Fund can only be used for reimbursing the
general fund for health care, Municipal Police & Fire Retirement, FICA and IPERS. The
undesignated Local Option Tax Fund can only be used for street construction.
Mr. Minor reviewed the Schedule of Findings Related to Statutory Reporting.
With no further business before the council, it was moved by Getty, seconded by Kincaid that the
meeting be adjourned at 5:04 p.m. Ayes: Seven. Motion carried.
Nancy Eckert
City Clerk