City Council Minutes 2009 07 21 - Laserfiche WebLink

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City Council Meeting Minutes July 21, 2009 Page 4 of 9 opinion on their financial statement, which is known as a clean opinion. He stated a quick review reflects the City's financial position is very strong. He highlighted the different type of funds; Gl3neral, Operating and Capital Projects and noted in 2008 there was a slight increase in tax revenue, expenditures came in below budgets and the additions to fund balances was approximately 1 million dollars. In the General Fund, the City's debt decreased by $675,000 in 2008 and at the end of 2008, the operating funds had an unrestricted balance of 10 million dollars. The Enterprise Funds generated approximately 2.6 million dollars in net income and the long term debt decreased by 1.3 million dollars. Overall the City debt decreased 2 million dollars. He reviewed the financial documents including a section entitled Management Discussion and Analysis, which includes a financial statement for each fund and a statistical section, which provides a ten year comparison of the City's financial condition from 1999 - 2008. Mr. DeZutter reviewed the aUlditors' letter containing the required communication as prescribed in Statements of Auditing Standards No. 114 (SAS 114). This 2-3 page letter addresses the accounting procedures followed by the City; whether there were any difficulties in conducting the audit and significant posted and un- posted adjustments. He state!d the audit went very well and thanked Finance Director Watson and his staff. COUNCIL COMMENTS Mayor Sisk stated Finance Committee met with Mr. DeZutter and reviewed the 2008 Financial Comprehensive Annual Report. He noted the accounting firm of Elde Bailly is the City's new Elxternal auditors. Councilor Muckle stated the City's Management Staff deserves recognition. City Manager Fleming noted the statistics on the summary of tax collection over the last ten years increased 112%, which is slightly over 1 % each year. The Councilors accepted the 2008 Financial Comprehensive Annual Report. Mayor Pro Tern Marsella arrived to the meeting at 7:30 p.m. ORDINANCE No. 1551, SERIES 2009 - AN ORDINANCE AMENDING SECTION 1-1(z) OF THE CITY CHARTER AND PROVIDING FOR THE SUBMISSION OF THE AMENDMENT TO A VOTE OF THE REGISTERED ELECTORS AT THE NOVEMBER 3, 2009 REGULAR ELECTION - 2nd READING - PUBLIC HEARING Mayor Sisk requested a City Attorney introduction. City Attorney Light read Ordinance No. 1551, Series 2009.