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ORONO CITY COUNCIL MEETING • <br />MINUTES FOR JULY 27,1998 <br />( #2) PRESENTATIONBYAUDITOR REGARDING ANNUAL COMPREHENSIVE <br />FINANCIAL REPORT - continued <br />5. General Fund - Revenues were higher than budget due to a high level of permit <br />activity. <br />6. Enterprise Funds - Sewer funds have increased while there was a drop in the water <br />fund, due to the cool and wet summer in 1997. The golf course operating fund <br />has remained steady. <br />7. At the City's request, suggestions for completing the audit earlier were listed. <br />8. Elimination of Deferred Compensation Agency Funds - Since the laws regarding <br />deferred compensation have changed, the Deferred Compensation Agency Funds <br />were closed. <br />9. GASB Reporting Model Project - This reporting model will be implemented over <br />the next several years and is similar to financial reporting used in the commercial <br />sector. <br />10. Year 2000 Planning - Ensure that all areas affected by dates are compliant. <br />Mr. Malloy also noted that very few audit adjustments were required. <br />Mayor Jabbour noted that the Certificate of Achievement was received for the tenth year and <br />commended staff for their work. <br />( #3) KELLY COVE JOINT USE DOCK LICENSE - Review follows Item #6 <br />APPROVAL OF MINUTES <br />( * #4) REGULAR MEETING OF JULY 13,1998 <br />Goetten moved, Peterson seconded, to approve the Minutes of the Regular City Council <br />Meeting of July 13, 1998. Vote: Ayes 5, Nays 0. <br />PARK COMMISSION COMMENTS <br />There were no comments. <br />LAKE MINNETONKA CONSERVATION DISTRICT - LIM McMILLAN, <br />REPRESENTATIVE <br />McMillan was not present. <br />2 40 <br />