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<br />City of Centerville <br />April 14, 2004 <br />Council Meeting Minutes <br /> <br />Mr. McDonald stated that the goal of the fmancial statements are to give an overview of <br />the activities of the City, and the activities are broken down between governmental <br />activities and business type operations. <br /> <br />Mr. McDonald stated there was more of a focus on major fund activity. He stated there <br />were three or four funds that met the criteria to be considered major, and that everything <br />else gets rolled up into another category. <br /> <br />Mr. McDonald stated the idea is that those cities that change their budgets to match their <br />expenditure results, it's more evidence in the financial statements. <br /> <br />Mr. McDonald stated the general fund balance went up about $130,000 from 2002, and <br />that at the end of 2003 the fund balance was just over a million dollars. He stated that <br />this figure is 53 percent of what the expected 2004 expenditures are. He stated that that is <br />an adequate fund balance reserve. He stated this has been fairly stable for the past couple <br />of years. <br /> <br />Mr. McDonald stated on page 6 there is a summary of the revenue and expenditures <br />compared to the budget. He stated the special revenue fund balance is close to what it <br />was the prior year. <br /> <br />Mr. McDonald pointed out that there are 3.3 million dollars in bonds outstanding and <br />over 3 million dollars in total assets, which is very well covered with the amount of debt <br />that is outstanding. He stated the City is in pretty good shape from a cash position. <br /> <br />Mr. McDonald stated there is a total capital project funds balance of just over 1.2 million <br />dollars, which is up from the prior year. <br /> <br />Mr. McDonald stated the sewer fund cash is approaching 2 million dollars. He stated the <br />annua1 operating expenses are up to about a quarter of a million. He stated the cash <br />balance has grown with the connection fees that are out there. He stated the bonds at the <br />end of the year are about $262,000. He stated updating a rate study every year or two is a <br />good idea. <br /> <br />Council Member Broussard Vickers stated they need to make sure they do that for the <br />upcoming budget. <br /> <br />The Council discussed that if they approve the audit, it is then sent out to the State <br />Auditor and also published. <br /> <br />Motion by Council Member Caura. seconded bv Council Member Lee. to acceut the <br />2003 Audit as uresented. An in favor. Motion carried unanimouslv. <br /> <br />Motion bv Council Member Caura. seconded bv Council Member Broussard <br />Vickers. to authorize the City Finance Director to uublish the 2003 Audit. An in <br />favor. Motion carried unanimouslv. <br /> <br />Page 5 ofl 0 <br />