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<br /> . ... <br /> Minutes of Regular Finance Committee Meeting <br /> . May 28, 1987 - Page 2 <br /> interceptor. <br /> - Licenses and permits income was $49,322, due to more building occurring in <br /> 1986 than anticipated. <br /> - The auditors reminded the Committee that federal revenue sharing funds <br /> ($34.441 in General Fund Revenue) would not be forthcoming in 1987. <br /> - The City's accounting practices complied with all State regulations with one <br /> exception...there was not sufficient col~ateral to secure its deposit with one <br /> institution (11070 of face value of deposit required). A "Collateral Analysis" <br /> work sheet has subsequently been prepared to run a quarterly check on this. <br /> - In discussing the PIR fund, Committee asked if some of these funds should be <br /> labelled as "designated" funds since some are committed to various projects in <br /> progress. The auditors agreed that this could be done in the 1987 audit, in <br /> the narrative portion. <br /> - Committee questioned whether there was any reason to hold reserves in the <br /> sewer and water funds. The auditors recommended enough to cover approximately <br /> three months' operating expenses be left in the fund for adequate cash flow. <br /> Committee noted sewer income was down somewhat in 1986, water income slightly <br /> up. A transfer out of funds in the sewer and water fund had been made - to the <br /> PIR fund - to cover Interceptor and Some Water Tower costs. <br /> . - Auditors were asked if they'felt the 1570 increase in sewer and water rates <br /> approved by the Council was sufficient to keep these funds self-supporting, for <br /> at least two years...Auditors felt it was a sufficient increase. McNiesh <br /> stated that costs to MWCC are not expected to increase appreciably in the next <br /> year. <br /> - Asked if they raise questions of the staff if substantial variances to the <br /> bUdget are noted, the auditors stated they did. <br /> - Erickson and Lamb asked if the auditors had any suggestions for simplifying <br /> the work in accounting, and if they felt the City was utilizing its computers, <br /> and computer service, to the best advantage. The auditors felt the arrangement <br /> presently being used with PPI was excellent, the technical support staff there <br /> was supportive and helpful, and the service was working out very well for the <br /> City. They also noted the worksheets prepared in-house using Lotus 123 were <br /> very helpful and well done. <br /> The auditors were thanked for their time, and complimented on their work. <br /> Lon~ Ran~e Improvements Financin~ <br /> This subcommittee had no report as yet; will meet Wednesday, June 3, 1987. 7:00 <br /> p.m. t in the office area of the Village Hall. <br /> Fee Schedule for Plannin~ Commission Activities <br /> . The fees charged to applicants for activities which come before the Planning <br />