05-25-1993 CC MIN - Laserfiche WebLink

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. . . City Council Minutes May 25, 1993 Page 4 received. He indicated that the fund balance has improved over last five years and that further progress is needed if the General Budget continues to increase in future years. Gary indicated that at the current level of fund balance, the City still operates deficit for a number of months throughout the year. the Fund even at a Gary reviewed with the City Council the 1992 General Fund balance sheet, the special revenue funds, the debt service funds, the capital project funds, the enterprise funds, and the statistical section of the audit. Following the City's audit presentation, Gary informed the City Council that the City of Elk River was in good financial shape, however, the fund balance could be slightly higher. Gary reviewed with the City Council some financial recommendations as outlined in the attached 4/17/93 management letter. Gary stressed a number of recommendations to the City Council including the fact that the City must identify interim financing sources before a public improvement project is initiated, the need for more staff in the finance department in order to handle the increasing work load and in order to provide an appropriate separation of duties, the need for an adopted investment policy, and a recommendation that the City adopt a policy that allows staff to only provide special assessment searches upon receiving a written request. The Council directed the Finance Director to develop a policy for the City Council to consider which would allow the providing of a special assessment search only upon receiving a written request. The City Council thanked the finance staff for their work throughout 1992 and their involvement in the City Audit. The City Council also thanked Gary Groen for the audit presentation. COUNCILMEMBER HOLMGREN PRESENTED. COUNCILMEMBER CARRIED 5-0. 1993 CITY MOTION. MOVED DIETZ TO ACCEPT SECONDED THE THE AUDIT AS THE MOTION 10. 1992 Finance Department Annual Report - Lori Johnson, Finance Director By consensus of the City Council, annual report presented at this time information at the next City Council Improvement Program will be reviewed. it was decided to not have this and to have Lori present her meeting ,on 6/1/93 when the Capital 11. Administrative Update Items COUNCILMEMBER DIETZ MOVED TO HOLD A CITY COUNCIL MEETING AT 6:00 P.M. ON TUESDAY, JUNE 1, 1993, FOR THE PURPOSE OF HAVING THE FINANCE DEPARTMENT ANNUAL REPORT PRESENTED, THE CAPITAL IMPROVEMENT PROGRAM WORK SESSION, AND A PRESENTATION FROM THE LIBRARY BOARD ON A BUILDING EXPANSION PROJECT. COUNCILMEMBER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 5-0.