Minutes 11/14/1989 - Laserfiche WebLink

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TUESDAY, NOVEMBER 14, 1989 year ended June 30, 1989. Presenting and commenting on the report was Mr. Robert St. Lawrence, CPA, a.member of the accounting firm of Ford, Hogg & Cobbe, noting---as did City Manager Brown in a written reference to the Management Letter accompanying the Audit Report--that their findings indicated the need for (1) an improved method of reconciling the City's checking accounts (bank statements) and (2) a more accurate method of updating the City's fixed assets records when capital purchases are made or assets are deleted. Both Mr. St. Lawrence and City Manager Brown informed Council that the improved methods are in place or are being implemented. In connection with the Audit Report, City Manager Brown and Finance Director Richard D. Fitts presented fund summaries of revenues and expenditures for the fiscal year ended June 30, 1989, with a comparison of estimated fund surplus balances at June 30, 1989, and at June 30, 1990, with actual-and-audited fund surplus balances at June 30, 1989, projected to June 30, 1990, on the basis of the adopted 1989-90 City Budget. Council acknowledged receipt of a report prepared by City Treasurer John W. Bouldin, Jr., in which Coundil was informed that the City earned a total of $32,272.96 in interest on the City's checking accounts in two local banks during the quarter ended September30, 1989. The City Treasurer also reported that other City monies are currently invested in eight separate certificates of deposit, now earning interest at the rates of 8.55% to 9.875% and with maturity dates of as early as November 20, 1989, to as late as March 1, 1990. These investments are (in totals by funds) as follows: Electric Capital Reserve Fund ........... $1,968,501.87 Water Fund .................... 1,252,051.43 ' Sewer Bond Fund .................. 3,930,485.93 Total ............. $7,151,039.23