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<br />10
<br />
<br />TUESDAY
<br />
<br />JANUARY 27, 1981
<br />
<br />Upon being reminded that Ford, Hogg & Cobbe, Certified Public Accountants, have
<br />
<br />completed their three-year contract with the City to conduct and report on its annual
<br />
<br />audits of the City's financial records and accounts, with the fiscal year ended June 30,
<br />
<br />1980, Council unanimously authorized City Manager Edmonds to invite proposals from local
<br />
<br />and/or resident certified public accounting firms to conduct audits of the City's
<br />
<br />financial records and operations for the next three years (i.e., for the fiscal years
<br />
<br />ending June 30, 1981 through June 30, 1983).
<br />
<br />In conjunction with a financial report print-out from the City's data-processing system
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<br />for the six-month period ended December 31, 1980 and with written comments by the City's
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<br />Finance Director on selected aspects of this report, City Manager Edmonds presented the
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<br />following summary in which is projected the estimated balances available at June 30, 1981
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<br />in the four funds cited and, in so doing, Mr. Edmonds pointed up the real probability that
<br />
<br />the City will be facing some financial "crunches" beginning July 1, 1981:
<br />
<br /> General Electric Water Sewer
<br />Unappropriated Surplus at 07-01-80 $ 1,487,634 $ 736,144 $ 867,120 $ 303,516
<br />Add:
<br />Projected Revenues, 1980-81 12,315,333 7,391,400 902,580 1,165,316
<br />Transfer from Elec. Fund 566,266
<br />Total Available Funds (est. ) $14,369,233 $8,127,544 $ 1,769,700 $1,468,832
<br />Deduct:
<br />Est. Expenditures, 1980-81 $13,503,714 $7 ,051, 967~~ $ 716,885 $ 969,662
<br />Transfer to Other Funds 131,385
<br />Transfer to General Fund 566,266
<br />Total Deductions (est. ) $13,635,099 $7,618,233 $ 716,885 $ 969,662
<br />Projected Surplus at 06-30-81 $ 734,134 $ 509,311 $ 1,052,815 $ 499,170
<br />Increase or (Decrease) to
<br />07-08-80 Surplus ($ 753,500) ($ 226,833) $ 185,695 $ 195,654
<br />*Includes $242,000 for engineering studies on Ridgeway Hydro-electric Project.
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