02-09-1998 Council Packet - Laserfiche WebLink

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r i» 1 k; Fund Balances: From the schedule of fund balances you can see that the financial condition hit a low in 1994. At that time the District had an overall deficit of $115,494. The overall deficit was due to the large $324,004 in the General Fund. The condition of the General Fund has improved over the last two years. Two other funds also had deficits at the end of 1996. The project revenues of the Management Planning Fund are responsible for the healthier looking total fund balance. The deficits result firom expending funds without current revenue sources. Revenues: No major observations on revenues. Property taxes are their primary source of revenue. Total revenues of course increased due to the large projects started in 1995. Expenditures: As was the case with revenues, expenditures have increased in the last two years due to the large projects. The largest expenditure has been for engineering, which is probably understandable due to the nature of their purpose. Possibly more unusual is the large amount of legal expenditures, which have ranged firom about 10% of total expenditures to a high of 26% in 1994. On the issue of managers’ per diem, they have increased each year from $22,436 in 1993 to 560,42 j in 1996. On the flip side coordinator ’s expense has dropped firom $79,620 in 1993 to $11,201 in 1996. An unusual item was a negative expenditure in 1995 labeled “Returned Wayzata Check" for $175,540. Generally should not have negative revenue or expenditure amounts. Summary: Reviewing financial statements will not necessarily address the concerns raised about the District. Based on no findings and clean opinions on the financial statements there are no major red fl^s that were noted firom our review of the financial statement reports. There are just some areas identified above that may require additional information to determine if there is anything to be concerned about. 1 •i