CCP 06-08-1987 - Laserfiche WebLink

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/7 . ... Minutes of Regular Finance Committee Meeting Village of Arden Hills . May 28, 1987 Village Hall Call to Order The meeting was called to order at 7:35 p.m. by Chairman Erickson. Roll Call Present: Larry Erickson, Charlotte McNiesh, Ed Menze. Trudy Rautio. Ramanik Shah Absent: Chuck Mertensotto (excused), Eric Nesset (excused). Judith Stafford. Tom Steele, Bob Rehkamp Also Present: Mayor Robert Woodburn. Clerk Administrator Patricia J. Morrison, Treasurer Don Lamb Approval of Minutes The minutes of April 23 noted Ramanik Shah as absent. Mr. Shah, noting that he had come to the Village Hall earlier in the evening to excuse himself from the meeting because he was ill, suggested that absences be noted as "excused" when the individual has notified the office that he cannot attend. The COlllllittee concurred with this suggestion, and requested that future minutes reflect excused absences. It was moved by McNiesh, seconded by Henze. that the minutes be approved as amended. Motion carried unanimously. Committee Membership . Chair Erickson requested, wi~ Committee's concurrence, that Council consider appointing another individual to the committee; currently there are not enough active committee members to adequately fill all the subcommittee positions. Review of 1986 Audit Report - Abdo, Abdo and Eick Mr. Groen reviewed the audit report in detail with the committee. He stated that the examination had gone smoothly, and that the staff was cooperative and well organized. Some of the points discussed by Committee were: - The fund balance in the General Fund was up somewhat; $550.000 in unreserved funds, $44,626 in reserved. The $44,626 in reserved was to pay for a truck and its accessories that Was budgeted and ordered in 1986, but not yet paid for. - The auditors noted that the $550,000 unreserved General Fund balance represents about 45% of the total yearly expenditure in that fund. Since 80% of the General Fund's revenue is derived from the tax payments received from Ramsey County. and this money is usually not available until June or July. the auditors recommended that this fund balance provide enough working capital to get from January until the first payment is received (5 to 5-1/2 months). They felt the $550.000 was a comfortable amount for this year, but the fund should be monitored and increased proportionately as expenditures increase (page 2). - $24,047. listed as an asset "Due from other governmental units", represents the monies still owed to Arden Hills from Superfund (page 2). . - The "Operating Transfers Out" in the Sewer and Water Utility consists of funds transferred to the PIR fund to help pay for the water tower and sewer ---- -- --