Laserfiche WebLink
<br />r\.( -\.( <br />( II <br />!Ii{ River <br /> <br />ITEM 4. <br /> <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />MAYOR & CITY COUNCIL <br /> <br />FROM: <br /> <br />PAT KLAERS, CITY ADMINISTRATOR <br /> <br />DATE: <br /> <br />MAY 26, 1994 <br /> <br />SUBJECT: 1993 AUDIT <br /> <br />Mr. Gary Groen of Abdo, Abdo, and Eick will be attending the City Council <br />meeting to make a presentation of the 1993 City Audit. Additionally, <br />Finance Director Lori Johnson and I will be present to discuss the status of <br />City funds. Attached for your review is the 1993 City Audit, and within this <br />document, a letter from the Finance Director to the City Council regarding <br />the status of City finances. <br /> <br />e <br /> <br />As reviewed in previous City Audits, it is the goal of the City to have a fund <br />balance for cash flow purposes of approximately 35% of the total General <br />Fund. These monies are necessary in order to finance the operation of the <br />City until the State funds and tax revenues become available in July of each <br />year. The City did add to the cash flow fund balance in 1993, but this fund is <br />still below the level necessary to finance City expenditures until other funds <br />become available. The City annually has to borrow monies internally in <br />order to meet cash flow needs. <br /> <br />Overall, the City Council should take a great deal of pride in the improved <br />status of the City finances in 1993. A significant amount of credit must go to <br />the City Council for this improved financial picture. Guidance of the City <br />Council has allowed the City to achieve a more secure financial status in the <br />early 1990's than what was experienced ten or fifteen years ago. <br /> <br />Additionally, a great deal of credit also must go to the City Finance <br />Department and the Finance Director for the management of City funds. For <br />the fourth year in a row the City has received the Certificate of Achievement <br />for Excellence in Financial Reporting. This is the highest award presented in <br />the nation for financial reporting. <br /> <br />e <br /> <br />P.O. Box 490 · 13065 Orono Parkway · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br />