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J <br />■ 0 i <br />Vi»ii \ W • <br />ORONO CITY COUNCIL MEETING <br />MINUTES FOR JULY 27,1998 <br />ROLL <br />The Council met on the above mentioned date with the following members present: Mayor <br />Gabriel Jabbour, Council Members J. Diann Goetten, Charles Kelley, Barbara Peterson and <br />Richard Flint. Representing Staff were City Administrator Ron Moorse, City Attorney Tom <br />Barrett, Senior Planning Coordinator Michael Gaffron, Planner/Zoning Administrator Elizabeth <br />Van Zomeren, City Engineer Tom Kellogg and Recorder Lin Vee. Mayor Jabbour called the <br />meeting to order at 7:00 p.m. <br />(#1) CONSENT AGENDA <br />Items 8,9,10,11,12,14,15,16 and 17 were added to the Consent Agenda. <br />Goetten moved, Peterson seconded, to approve the Consent Agenda as amended. Vote: <br />Ayes 5, Nays 0. <br />(#2) PRESENTATION BY AUDITOR REGARDING ANNUAL COMPREHENSIVE <br />FINANCIAL REPORT <br />Tom Kuehn, Finance Director, and Ken Malloy of Malloy, Montague, Kamowski, Radosevich <br />and Company were present <br />Mr. Malloy summarized the City's 1997 financial audit that was completed in May. He noted <br />two findings related to compliance with Minnesota Statutes: 1) Unsuccessful bids were not kept <br />on file; and 2) Investment brokers were not provided with a written statement of investment <br />restrictions of the City prior to investing with the broker. In response, the City will retain all <br />bids, and the required notification will be sent to all brokers with which the City invests and <br />written acknowledgement from the brokers will be obtained. <br />Mr. Malloy highlighted several areas of the Management Report. <br />1 . Statewide Trend - Orono typically receives a higher percentage of its General <br />Fund revenue from property taxes than the average Minnesota city. <br />2. Tax Capacities & Rates - The tax rate in Orono is lower than the average <br />Minnesota city. <br />3. General Fund - The Fund Balance has increased as a result of revenues being <br />significantly higher than budget. <br />4. Cash Flow - Cash flow has been consistent over the last three years and has <br />always remained positive.