05-07-1990 PC MIN - Laserfiche WebLink

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(e (e e Elk River City Council Minutes May 7, 1990 Page 7 Gary Groen, City Auditor, from 'Abdo, Abdo &: Eick, presented the audit to the CounciL Mr. Groen indicated that the 1989 fund bala.nce had increased $84,710 from the 1988 ending balance of $530,986 to $615,696. He indicated that the entire fund bala.nce is needed in order for the City to meet its cash flow requirements for the first six months of each year until tax and local government aid revenues are received in July and December. He indicated that although the General Fund balance has increased steadily in the past five years, there is still a need to increase it in order to keep pace with the increasing operating budget. Mr. Groen indicated that the fund balance is designated for working capitaL The City's Auditor reviewed with the Council each section of the audit report. In reviewing the computation of the City's legal debt limit, the Auditor indicated to the Council that the City is well below the debt limit limitation. He indicated that the City's total debt applicable to the debt limit is $929,780, and that the legal debt margin for the City is $5,255,692. The City Administrator tha.nked the Finance Director, the Auditor and the Council for the financial work and decisions made in 1989 which moved the City into a more positive overall fina.ncial position. COUNCILMEMBER KROPUENSKE MOVED TO ACCEPT THE 1989 AUDIT AS PRESENTED. COUNCILMEMBER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 5-0. 9. Check Redster COUNCILMEMBER HOLMGREN MOVED TO APPROVE THE CHECK REGISTER. COUNCILMEMBER DOBEL SECONDED THE MOTION. THE MOTION CARRIED 5-0. 10.1 Consider Temoorary 3.2 Liauor License for Chamber The City Clerk indicated that the Chamber of Commerce has applied for a temporary 3.2 On Sale Non-Intoxicating Malt Liquor License for their Fourth of July Celebration. COUNCILMEMBER DOBEL MOVED TO APPROVE A TEMPORARY ON SALE MALT LIQUOR LICENSE FOR THE CHAMBER OF COMMERCE FOURTH OF JULY CELEBRATION ON JULY 3rd and 4th. COUNCILMEMBER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 5-0. 10.2 Si~ Ordinance Councilmember Kropuenske requested that the Planning Commission research the signs that have been left remaining on defunct buildings. Councilmember Schuldt indicated that he had received a call from the property owner on 4th Street behind the Handke Pit. He indicated that the site of the warming house is partially located on private property and indicated that the owner of the property has informed him that he would not grant an easement for the enlargement of the warming house.