Minutes 10/27/1987 - Laserfiche WebLink

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TUESDAY, OCTOBER 27, 1987 ~ 3. This ordinance shall be in full force and effect on January 1, 1988, and shall remain in full force and effect for each taxable year thereafter until amended or repealed. All previous ordinances and amendments pertaining to Real Estate Tax Relief for the Elderly and Disabled are hereby rescinded. Councilman Cole, referring to his September 16th report and analysis of fund balance reports, as addressed to members of Council, indicated that there are funds in the Water Fund, the Sewer Fund, and the Electric Fund considerably in ,-. excess of optimal reserves for contingencies, the use of which (unless Council desires not to develop some plan for usage of funds deemed excess), Mr. Cole suggested, should be considered by Council in the near future, especially before the beginning of the budget process for the City's next fiscal year, in the best interest of local taxpayers. After some discussion of this matter, members of Council concurred with the suggestion that a special "work-session" meeting be scheduled for Council's consideration of Mr. Cole's findings and suggestions. Council acknowledged receipt of--and discussed to some extent--the following staff reports: A. Financial Report for Quarter Ended September 30, 1987, on which, in response to questions, Finance Director Richard D. Fitts commented, particularly as to the City's General Fund and, also, as to balances and surpluses of major funds; ,-. B. Monthly Financial Report, as of September 30, 1987, the format of which and the content (as to financial data) City Manager Brown (by memorandum dated October 21, 1987) and Finance Director Richard D. Fitts propose to revise for future reporting purposes. After some discussion of this proposal, during which Councilman Cole emphasized Council's need for condensed-but-more financial data on a timely basis, Council concurred with the proposed reporting revisions. In addition, Mayor Oakes indicated a need for more understandable (from a layman's viewpoint) financial information than is now incorporated in the annual audit reports. In connection therewith, Council was informed that the Report on Audit for the City's fiscal year ended June 30, 1987, will be formally presented to Council at its forthcoming November 10th meeting by Ford, Hogg & Cobbe (CPA's), who conducted the audit and prepared the report; and , ~,~ I