05-09-1988 CC MIN - Laserfiche WebLink

Home Browse Search

Page 3 City Council Minutes May 9. 1988 tit COUNCILMEMBER DOBEL MOVED TO ORDER THE CHANGE ORDER FOR ONLY THE UNDERGROUND WIRING SO THAT THE OUTLETS' CAN BE ADDED IN THE FUTURE WITH THE ENTIRE COST" TO' BE PAID BY THE DOWNTOWN RETAILERS. COUNCILMEMBER TRALLE SECONDED THE MOTION. THE MOTION CARRIED 5-0. 5. 1987 City Audit Gary Groen of Abdo. Abdo. and Eick reviewed the 1987 Audit with the City Council. Mr. Groen reviewed the general fund. He indicated that the unreserved fund balance has increased from last year. The City Administrator indicated that City's unreserved general fund balance is about 30% of the general fund expenditures. up from 28% last year. It is an audit recommendation that the fund balance be approximately 40% of budgeted expenditures in order to meet cash flow needs. Mr. Groen reviewed reserve funds were He indicated that bonds and other one the Special Revenue Funds. He indicated that three created in 1987 as a result of one time transfers. the moneys were collected through the defeasance of time transfers. e Mr. Groen reviewed the Debt Service funds. Capital Projects funds and Enterprise funds with the City Council. Discussion pursued around the Municipal Liquor fund. The gross profit has increased from 20.89 percent of sales in 1986 to 21.56 percent in 1987. The City Administrator indicated that the liquor store provides a very valuable source of revenue to the City. Mr. Groen discussed the City's purchase order policy with the Council. He noted that compliance to the policy needs to be increased. He further noted that the purchase order policy provides for the City Administrator and Finance Director to approve and control finances before they occur. Mr. Groen indicated that he is recommending that the City establish a reimbursement procedure for meal expenses incurred in the conduct of city business. He stated that in order to keep down the amount of time and paper work involved. it would be best for staff and City Council Members to pay for the expense and then submit a claim for reimbursement. Mr. Groen indicated that the City has decided to replace the computer system as the fiancia1 management software currently provided through AmeriData will no longer be supported by AmeriData. Lori Johnson. Finance Director indicated that she has researched several financial software packages and will be recommending the purchase of an IBM computer at a future meeting. At that time a recommendation on financial software will also be made. e