02-23-2015 Council Packet - Laserfiche WebLink

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MINUTES OF THE 4 ORONO CITY COUNCIL MEETING February 9,2015 7:00 o'clock p.m. (MAYOR/COiTNCIL REPORT continue� McMillan stated while she personally has not spoken to any liquor store owners, she is aware that the mayor of Long Lake has spoken to some of the liquor store owners and they had indicated they were really not interested in being open on Sundays since they are a small business. CITY ADMINISTRATOR'S REPORT 14. 4`h QUARTER FINANCIAL REPORT Finance Director Olson stated the stormwater fund balance is currently$983,000,but appro�cimately $270,000 has tentatively been earmarked to be spent on a new street sweeper,which would leave a little over$600,000 in that fund. Olson stated the numbers for the 2004 fourth quarter budget are still preliminary but are pretty solid. Olson noted there are still a few invoices coming in but that the amounts included in the report will not change significantly. Olson reported revenues for 2014 were up in every major category and is typically over 100 percent. The City did experience some years where it did not meet anticipated revenues but that this is the second yeaz in a row where revenues came in over 100 percent of taxes. Olson indicated that happened because of some delinquent tax revenues being received in 2014. In addition,licenses and permits were well over budget as well as building permits. Other governmental revenues finished the year at 120.2 percent of budget,with a major portion of the overage being the result of higher than anticipated police state aid. Olson noted fine revenue for 2014 is only at 77.5 percent of budget due to the lack of a distribution from the drug task force in 2014. Olson reported the golf course came in$2,400 over budget for revenue. Olson noted the golf course still lost money for the year but that amount has been reduced from$45,000 down to$16,000. Overall General Fund expenditures are currently at 98 percent of budget or$150,000 under budget. Some departments were over budget, such as the golf course and pazks. Olson noted pazks were slightly over budget because the City Council had decided to pay more attention to cleaning up the parks in 2014. While some of the departments are over budget,such as inspection services and special services,the remaining departments were either at or below budgeted amounts. Olson noted inspection services was almost$80,000 over budget as a result of the increased building activity in the City and special services charges are charged back to the person requesting the service. Olson stated at the end of the year,the City had approximately$7.6 million in CDs. Interest rates have remained pretty steady for the past three or four years,with the majority of the City's investments receiving one to two percent. Olson stated if the City put its money in longer-term CDs; the interest rate would go up slightly. Olson stated the City had$3.7 million in money market accounts last year. Olson indicated that is slightly more than what normally would be in those accounts and was a result of the garage construction project going on,which required the City to have a little more flexibility with its money. Page 25 of 26