12-12-2011 Council Minutes - Laserfiche WebLink

Home Browse Search

• MINUTES OF THE ORONO CITY COUNCIL MEETING December 12, 2011 7:00 o'clock p.m. (9. ADOPTION OF 2012 BUDGET AND TAX LEVY, Continued) Bremer moved, Franchot seconded, to adopt RESOLUTION NO. 6101, a Resolution Adopting the Final 2011 Tax Levy Collectible in 2012; to adopt RESOLUTION NO. 6102, a Resolution to Adopt the Final 2012 General Fund Budget, to adopt RESOLUTION NO. 6103, a Resolution to Adopt the 2012 Special Revenue Fund Budgets; and to adopt RESOLUTION NO. 6104, a Resolution to Adopt the 2012 Enterprise Fund Budgets. VOTE: Ayes 5, Nays 0. Franchot thanked Ron Olson for his fine work on helping to develop the budget and levy. *10. APPROVE 2011 INTERFUND TRANSFERS Franchot moved, Printup seconded, to approve the transfers and loan payments as indicated on Staffs memorandum dated December 2, 2011. VOTE: Ayes 5, Nays 0. 11. FUND BALANCE POLICY AMENDMENT - RESOLUTION NO. 6105 McMillan noted the General Fund Reserve had a minimum of 45 percent and asked if anything in excess of 50% goes into the Community Investment Fund. Olson stated the Council can direct it to any fund they deem appropriate. 0 McMillan asked at what point in the process that might occur. Olson stated currently for 2011 they do not know what that fund balance is and that the final amount would be determined during the audit. Olson stated they should have a good idea before the midpoint of 2012. McMillan asked if he is comfortable with the 40 to 50 percent range for the reserve. Olson stated 50 percent is the top end that the state auditor would recommend and that over 50 they start questioning why it is so high. 45 percent is the amount that has been traditionally used over the years. McMillan asked whether there is a typo under Section No. II, Item No. 2 and if the word "the" should be "then ". Olson stated it should be "then" and that it will be fixed. Bremer noted the number should also be changed to No. 9 for Fund Balances in Debt Service Funds on page 2 of the Fund Balance Policy. Franchot noted the third whereas on the resolution should also be changed to correct the spelling of the word "current" and the word "balance ". Olson stated when they finalize the documents, those corrections will be made. Bremer moved, Printup seconded, to adopt RESOLUTION NO. 6105, a Resolution to Amend the Fund Balance Policy to Implement GASB 54, with the corrections being raised tonight being incorporated into the documents. VOTE: Ayes 5, Nays 0. Page 10 of 18