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ORONO CITY COUNCIL MEETING <br />MINUTES FOR JULY 27,1998 <br />(»2) PRESENTA TION BY AUDITOR REGARDING ANNUAL COMPREHENSIVE <br />FINANCIAL REPORT- continued <br />5. <br />6. <br />7. <br />8. <br />9. <br />10. <br />General Fund - Revenues were higher than budget due to a high level of permit <br />activitv. <br />Enterprise Funds - Sewer funds have increased while there was a drop in the water <br />fund, due to the cool and wet summer in 1997. The golf course operating fund <br />has remained steady. <br />At the City's request, suggestions for completing the audit earlier were listed. <br />Elimination of Deferred Compensation Agency Funds - Since the laws regarding <br />deferred compensation have changed, the Deferred Compensation Agency Funds <br />were closed. <br />GASB Reporting Model Project - This reporting model will be implemented over <br />the next several years and is similar to financial reporting used in the commercial <br />sector. <br />Year 2000 Planning - Ensure that all areas affected by dates are compliant. <br />Mr. Malloy also noted that very few audit adjustments were required. <br />Mayor Jabbour noted that the Certificate of Achievement w as received for the tenth year and <br />commended staff for their work. <br />(#3) KELLY COVE JOINT USE DOCK LICENSE - Review follows Item #6 <br />APPROVAL OF MINUTES <br />(*#4) REGULAR MEETING OF JULY 13,1998 <br />Goetten moved, Peterson seconded, to approv e the Minutes of the Regular City Council <br />Meeting of July 13,1998. Vote: Ayes 5, Nays 0. <br />PARK COMMISSION COMMENTS <br />There were no comments. <br />LAKE MINNETONKA CONSERVATION DISTRICT - LILI McMILLAN, <br />REPRESENTATIVE <br />McMillan was not present.