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MINUTES OF THE <br />ORONO CITY COUNCIL MEETING <br />February 9, 2015 <br />7:00 o’clock p.m. <br />_____________________________________________________________________________________ <br /> <br />Page 25 of 26 <br /> <br />(MAYOR/COUNCIL REPORT continued) <br /> <br />McMillan stated while she personally has not spoken to any liquor store owners, she is aware that the <br />mayor of Long Lake has spoken to some of the liquor store owners and they had indicated they were <br />really not interested in being open on Sundays since they are a small business. <br /> <br />CITY ADMINISTRATOR’S REPORT <br /> <br />14. 4th QUARTER FINANCIAL REPORT <br /> <br />Finance Director Olson stated the stormwater fund balance is currently $983,000, but approximately <br />$270,000 has tentatively been earmarked to be spent on a new street sweeper, which would leave a little <br />over $600,000 in that fund. <br /> <br />Olson stated the numbers for the 2004 fourth quarter budget are still preliminary but are pretty solid. <br />Olson noted there are still a few invoices coming in but that the amounts included in the report will not <br />change significantly. <br /> <br />Olson reported revenues for 2014 were up in every major category and is typically over 100 percent. The <br />City did experience some years where it did not meet anticipated revenues but that this is the second year <br />in a row where revenues came in over 100 percent of taxes. Olson indicated that happened because of <br />some delinquent tax revenues being received in 2014. In addition, licenses and permits were well over <br />budget as well as building permits. Other governmental revenues finished the year at 120.2 percent of <br />budget, with a major portion of the overage being the result of higher than anticipated police state aid. <br /> <br />Olson noted fine revenue for 2014 is only at 77.5 percent of budget due to the lack of a distribution from <br />the drug task force in 2014. Olson reported the golf course came in $24,000 over budget for revenue. <br />Olson noted the golf course still lost money for the year but that amount has been reduced from $45,000 <br />down to $16,000. <br /> <br />Overall General Fund expenditures are currently at 98 percent of budget or $150,000 under budget. Some <br />departments were over budget, such as the golf course and parks. Olson noted parks were slightly over <br />budget because the City Council had decided to pay more attention to cleaning up the parks in 2014. <br />While some of the departments are over budget, such as inspection services and special services, t he <br />remaining departments were either at or below budgeted amounts. Olson noted inspection services was <br />almost $80,000 over budget as a result of the increased building activity in the City and special services <br />charges are charged back to the person requesting the service. <br /> <br />Olson stated at the end of the year, the City had approximately $7.6 million in CDs. Interest rates have <br />remained pretty steady for the past three or four years, with the majority of the City’s investments <br />receiving one to two percent. Olson stated if the City put its money in longer-term CDs; the interest rate <br />would go up slightly. <br /> <br />Olson stated the City had $3.7 million in money market accounts last year. Olson indicated that is <br />slightly more than what normally would be in those accounts and was a result of the garage construction <br />project going on, which required the City to have a little more flexibility with its money.