08-26-2002 Council Minutes - Laserfiche WebLink

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MINUTES OF THE ORONO CITY COUNCIL MEETING Monday, August 26, 2002 7:00 o'clock p.m. (2001 Comprehensive Annual Report, Continued) In closing, Malloy reminded the Council that by December 31, 2004 the City of Orono will have to implement the restructuring of their financial statements to reflect more of a commercial enterprise type presentation. Malloy indicated that over the next few years, they will be attempting to help municipalities plan out the process, which will be an enormous task for communities' finance staff, and he cautioned the City to allow adequate resources for staff to prepare for it. Malloy stated that, overall, things in Orono are in good order and the City uses conservative accounting practices. Murphy asked what new fixed assets would be considered for depreciation under the new system. Kuehn stated that streets and buildings would be new. Murphy asked what impact this would have on the 2003 budget. Malloy stated that these entity wide statements would be examined by outside users. He • indicated that it would be hard to predict the end result until the process begins. White stated that, from the report, Orono seems to be a high value, low tax City, which the Council tries to keep consistent. PARK COMMISSION COMMENTS - Rick Meyers, Representative Meyers reported that the Dog Days celebration was well attended, as was the golf tournament, and band. The band raised $2,000 for the Navarre area, which will be used for holiday decorations. He stated that, similar to the Legacy Foundation, the Park Commission strives for Lake Area Community wide events. Meyers added that advertising for bids for Hackberry Park has begun. White complimented Meyers on his efforts for the Dog Days celebration. Murphy suggested separating it from Corn Days by spreading the events out. Meyers stated that next year the two events wouldn't conflict. PAGE 4 of 22 •