04-27-1992 CC MIN - Laserfiche WebLink

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. . . City Council Minutes April 27, 1992 Page 5 approximately 26.5% at the end of 1991. The fund balance as a percent of the budget has gone up about 1/2% each of the last two years. It was noted that the fund balance is still below what is needed in order to provide adequate cash flow for City services until funds becomes available from the State. It was also noted that the fund balance in Elk River is at the low end of the scale when being compared to other developing cities (Page 14 - Lakeville, Oakdale, Rosemount, Savage and Stillwater). The Finance Director briefly reviewed the City Hall bond issue. noted that at the time of bond issue, the City also requested a improvement from Moody's but was not successful. It was rating The Finance Director reviewed the City investments Council. It was noted that total investments amounted to $617,000 in 1991. Of this total, only about 6% goes Fund while 18% goes to Enterprise Funds and 41% goes to A total breakdown of the income distribution is shown on with the City approximately to the General Debt Service. Page 23. Updates on the Gravel Tax status and the collection of the Landfill Solid Waste Surcharge was provided. It was noted that the Gravel Tax has remained steady but that the City is behind in collecting its Landfill Surcharge. The Finance Director indicated that the City tax rate has decreased last four years. Also, for taxes payable in 1992, the City collect a smaller portion of the total real estate taxes paid. the will The Certificate of Achievement for calendar year 1990 that was received earlier in 1991 was briefly discussed. It was noted that this is the second year in a row that the City has received this award and that the award is the highest recognition for municipal financial accounting. The Finance Director briefly reviewed staffing needs years and ongoing projects that are necessary in order operation of the Finance Department. These issues Page 8 and 9 of the Finance Report. for the next few to improve the are discussed on At this time the City Council thanked the Finance Director for the excellent work she had done for the City in 1991 and indicated their desire to support the department in whatever ways necessary to continue improving the operation of the department and status of City finances. The Finance Director discussed the status of the computer system at City Hall. Lori indicated that she will be needing to purchase additional items in order to improve the efficiency of the computer operations. The Council requested that she formalize her request and that she proceed in getting quotations for the needed items.