Laserfiche WebLink
t <br />• <br />MINUTES OF THE REGULAR ORONO COUNCIL MEETING <br />HELD JULY 26, 1993 <br />( #3) AUDITOR'S REPORT - APPEARANCE BY KEN MALLOY <br />Ken Malloy and Sherry Elgibrunt representing the City's auditing <br />firm, reviewed the components of the financial statements, <br />including the audit opinion, the test for compliance with State. <br />Statutes, letter on internal controls, and the management report. <br />Kelley asked if he has done a cost analysis of services either for <br />Orono or similar cities. <br />Malloy stated that has not been done for Orono, but has provided <br />that information for other cities. <br />Kelley felt that may be important if the cities begin to share <br />services. <br />Elgibrunt reviewed the enterprise fund balances beginning on Page <br />9 of the report. She noted they recommend a review of the water and <br />sewer rate structure to determine if funding is adequate to cover <br />• current and future expenditures, and consideration of a refund of <br />certain general obligation bonds for a cost savings. <br />• <br />Malloy stated overall the City's financial records are accurate the <br />City is in good financial shape. He added he feels the City is well <br />managed and has looked ahead to determine future needs. <br />Hurr asked if a study has ever been recommended regarding the <br />enterprise funds which currently indicate a deficit. <br />Malloy indicated he does not remember such a recommendation, but <br />there was discussion about matching rates. <br />Moorse indicated due to a study conducted in 1990 -1991, the Navarre <br />water rates were increased. <br />Mayor Callahan thanked the auditors and congratulated Tom Kuehn on <br />the fine job. <br />It was moved by Mayor Callahan, seconded by Kelley, to direct staff <br />to study the recommendations of the auditors and report back to the <br />Council at the last meeting in August. Ayes 5, nays 0. <br />3 <br />