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MINUTES OF THE <br />ORONO CITY COUNCIL MEETING <br />Monday, June 22, 2009 <br />7:00 o'clock p.m. <br />(4. 2008 COMPREHENSIVE ANNUAL FINANCIAL REPORT, Continued) <br />Popenhagen stated they would like to see a better audit trail as it relates to internal controls and that they <br />would like to see better documentation denoting review by staff. <br />Popenhagen stated overall the City is in very good financial health and that the City's unrestricted net <br />assets represent approximately 22 months of expenses. Approximately 52 percent of its net assets are <br />expendable. Unrestricted net assets represent approximately 15 months of assets. <br />Franchot asked what would be best practices for things like coverages. <br />Popenhagen stated 8 to 12 months of reserves would still be healthy. One advantage to having more in <br />reserves is the ability to avoid the need to bond for different projects. Popenhagen noted governmental <br />fund balances increased $3.8 million, which was primarily due to bond proceeds in the pavement <br />management plan fund. Overall the City's net assets increased by $67,000 and there is no long -term debt. <br />Popenhagen reviewed the City's fund balances, revenues, and expenditures. <br />Popenhagen recommended the City implement a formal written business continuity or disaster recovery <br />plan to be used in the event of a disaster. <br />White commended Popenhagen and Brown for their work on the City's audit. <br />Murphy asked if they had any issues with the timing of the audit. • <br />Popenhagen stated a number of other cities have just recently finished up their audits and that the City of <br />Orono is within the norm. <br />Wells noted the audit was delayed slightly this year given the switch in auditors and that the audit work <br />would likely start earlier next year. <br />S <br />PLANNING COMMISSION COMMENTS — LOREN SCHOENZEIT, REPRESENTATIVE <br />Schoenzeit stated he had no questions but would be available for questions. <br />PUBLIC COMMENTS <br />None <br />ZONING ADMINISTRATOR'S REPORT <br />*5. #09 -3402 PHILIP F. KALEY, 1395 BROWN ROAD SOUTH — VARIANCES — <br />RESOLUTION 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 <br />