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(4. <br />MINUTES OF THE <br />ORONO CITY COUNCIL MEETING <br />Monday, June 22, 2009 <br />7:00 o'clock p.m. <br />2008 COMPREHENSIVE ANNUAL FINANCIAL REPORT, Continued) 1·' <br />,~ <br />I <br />Popenha~ n stated they would like to see a better audit trail as it relates to internal co9rrols and that they <br />would like l: see better documentation denoting review by staff. 1/ <br />,t,·'' <br />.i <br />Popenhagen sta -d overall the City is in very good financial health and that th~,.C ity 's unrestricted net <br />assets represent apwoximatel y 22 months of expenses . Approximately 52 rcent of its net assets are <br />expendable . Unresth_cted net assets represent approximately 15 months o 'assets. <br />\ <br />Franchot asked what wo ~{r be best practices for things like coveragey <br />\ J' \ I <br />Popenhagen stated 8 to 12 mdnths of reserves would still be healthy. One advantage to having more in ., <br />reserves is the ability to avoid th~ need to bond for different pr,oj ects . Popenhagen noted governmental <br />fund balances increased $3 .8 mill1 ~n , which was primarily rie to bond proceeds in the pavement <br />management plan fund . Overall the\:ity 's net assets inczeased by $67 ,000 and there is no Jong-tem1 debt. <br />'\,. .// <br />Popenhagen reviewed the City 's fund ba1\ces, re.~JJI es , and expenditures . <br />Popenhagen recommended the City implem~nt a'"formal written business continuity or disa ster recovery <br />plan to be used in the event of a disaster. 1'7', <br />,! ... <br />White commended Popenhagen and Browii for the1r\.work on the City's audit. <br />/ '· ;' \ <br />Murphy asked if they had any issues·'~ith the timing o t'tl;le audit. <br />·' . '\., <br />Popenhagen stated a number <?,fo ther cities have just recentiy.,_finished up their audits and that the City of <br />Orono is within the norm . / '\\ ,, <br />_;' " <br />Wells noted the audit ~as delayed slightly this y ear given the swit'c~ in auditors and that the audit work <br />would likely start ea1.;J,rer next year. \, <br />f '\ <br />/ ' ! \ <br />PLANNING 9'0MMISSION COMMENTS-LOREN SCHOENZEIT,'·~PRESENTATIVE . ' ~" \., ", .. <br />Schoenze.it stated he had no questions but would be available for questions . <br />I ,, <br />PUB£i ~ COMMENTS <br />L <br />ZOl'{ING ADMINISTRATOR'S REPORT <br />*5. #09-3402 PHILIP F. KALEY, 1395 BROW:\ ROAD SOL"TH -VARIA'.\1CES- <br />RES0LUTION NO. 5846 <br />Murphy moved, McMillan seconded, to adopt RESOLUTION NO. 5846, a Resolution Granting <br />Variances to the Orono, Minnesota, City Code Sections 78-420, 78-1403, and 78-1436, for the <br />property located at 1395 Brown Road South. VOTE: Ayes 5, Nays 0. <br />PAGE 6 of 9