08-28-2000 Council Minutes - Laserfiche WebLink

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MINUTES OF THE ORONO CITY COUNCIL MEETING AUGUST 28, 2000 • Flint moved, Kelley seconded, to approve and adopt RESOLUTION NO. 4511, a Resolution Awarding the Sale of General Obligation Improvement Bonds, Series 2000, in the amount of $925,000. VOTE: Ayes 6, Nays 0. ( #4) PRESENTATION OF THE CITY'S 1999 COMPREHENSIVE ANNUAL FINANCIAL REPORT Ken Malloy, Auditor with Malloy, Montague, Kanmowski, Radosevich and Company, P.A., indicated the City has been supplied with a copy of the annual audit of the City's finances and a brief summary of the City's financial condition. City Finance Director Tom Kuehn was at the presentation with Ken Malloy. Malloy stated his firm has reviewed the City's financial information and has found that the City is in very good financial condition. Malloy stated they have also reviewed the City's records to insure that they are in compliance with State Laws. Malloy indicated the City's financial records are in very good condition and are in compliance with the legal requirements. Malloy stated in comparison with other cities throughout the state, the City of Orono is close to the state -wide averages. Malloy noted the City of Orono receives the majority of its General Fund revenues through property taxes and user fees. Malloy indicated generally speaking market values are increasing, with the general fund and other funds being in good condition. Malloy noted the income received from the golf course has been dwindling slightly over the past . few years. Mayor Jabbour commented in his opinion there is a flaw in the system with comparing the City of Orono to other cities throughout the State of Minnesota. Jabbour indicated the City of Orono, since it is located in the Twin Cities area, pays its employees a higher salary than cities located outside the metropolitan area. Malloy acknowledged that is a good point that should be taken into consideration. Flint commented that he was surprised Orono's market value rates increased less than the average throughout the state. Flint stated due to the sales of property located along the Lakeshore, he was under the impression Orono's property values were increasing rapidly. Malloy stated those are the statistics he has from the State for the City of Orono. Flint inquired whether the City would have information relating to the sales in this area. Moorse commented the City Assessor would have that information and can verify those numbers. Mayor Jabbour thanked Malloy and Kuehn on their fine work for the City. LJ PAGE 2