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EN HILLS <br /> MEMORANDUM <br /> DATE: July 9,2012 <br /> TO: Honorable Mayor and City Councilmembers <br /> FROM: Patrick Klaers, City Administrator <br /> SUBJECT: CIP Financial Statement <br /> Background <br /> At the end of the June 15, 2012, Capital Improvement Program (CIP) work session, the <br /> Council discussed the last section of the CIP booklet. This section titled "Source and Use <br /> of Funds" was on blue paper. The main issues raised during this discussion were <br /> questions about the beginning balance amount for the Enterprise Funds, and an overall <br /> concern about the status of the fund balances for all of the Funds in 2017. <br /> Sue Iverson, Director of Finance and Administrative Services, missed the June 15th work <br /> session. On June 22nd, Sue sent out updated Source and Use of Funds pages and a memo <br /> that explained the changes she made in the fund balances. It should be noted that Sue <br /> updated all of the beginning fund balances and did not just correct the beginning balances <br /> for the Enterprise Funds. This material is again attached for your review. <br /> In the attached_June 22nd memo from Sue, she stated that a few assumptions were put into <br /> some of the beginning balance numbers and these assumptions need a review by the <br /> Council. This review is one of the reasons for this work session agenda item. Another <br /> reason for this work session agenda item is to discuss some long-range goals and plans <br /> for the use of the CIP funds. On June 15th the Council raised concerns about spending <br /> too'much money on projects and equipment at too fast of a pace without knowing the <br /> source of adequate revenues. This discussion on City projects and priorities needs to take <br /> place so that staff can receive direction on how to best provide the Council with options <br /> and recommendations annually for the 5-year CIP. This discussion will tie in directly to <br /> the Pavement Management Program agenda item that is also scheduled for this work <br /> session. <br /> Since the attached CIP pages were updated, a couple of additional adjustments have been <br /> identified but have not yet been made. These corrections have come to light during staff <br /> City Council Meeting <br /> P:\Admin\Council\Agendas&Packet Information\2012\07-09-12 Wk Sess\Packet\CIP 2.doc <br /> Page 1 of 2 <br />