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Regular City Council Meeting Monday, May 13,2013 Page 15 Compliance;" and "Communications Letter for the Year Ended December 31, 2012;" Mr. Mayer reported only one finding, a housekeeping issue, in the timeliness of invoices submitted to the Finance Department within thirty-five (35) days of re- cent. Mr. Mayer noted several other minor items, with subsequent correction ac- tions already taken, and including the inability to locate broker acknowledgement certification form could not be located for one of City's investment brokers for the 2011 fiscal year; and one of the city's collateral agreements didn't require the release of collateral upon demand, with an updated collateral assignment agree- ment for 2012 now available. Mr. Mayer reviewed various components of the audit, including a review of En- terprise Funds, with the majority finally providing higher revenue in 2012 than anticipated, for the first time in several years, and as a result of increased user fees addressing new and replacement infrastructure costs. Mr. Mayor noted that this was a good move on the City's part in addressing these ongoing deficits and shortfalls in these funds, and cautioned that they ensure depreciation continues to be included in future budgets. Mr. Mayer referenced the former four (4) years that had posted various deficits, but with the new rate structure, providing for a modest increase in 2012 that would hopefully continue to trend on a more positive note. Mr. Mayer called attention to the Golf Course Fund and the need to make long-term adjustments to ensure this became self-supporting. Mr. Mayor also noted the Solid Waste Recycling Fund was off this year, having experienced an operating loss for the first time in three (3) years, but that loss absorbed by the relatively healthy Fund balance available. Mr. Mayor specifically noted the ad- vances being made in the other infrastructure funds due to changes implemented in the rate structure; however, he cautioned that there remained a significant num- ber of costs for those Funds, and recommended that the City Council continue to build them up as prudent, and to continue watching them carefully for positive trending. Councilmember Laliberte thanked Mr. Mayer for his presentation, and asked that the summary presentation by Mr. Mayer be provided to Councilmembers as well, and duly noted by Finance Director Miller for follow-up. Councilmember McGehee also thanked Mr. Mayer for his informative presenta- tion and thanked Mr. Miller for his advance planning and encouraging the City Council of the need to improve infrastructure fund balances, even though it had been difficult, but necessary and long overdue. Mr. Mayer noted that those adjustments were very much needed, and were al- ready providing good results in those funds, as evidenced. Mayor Roe thanked Mr. Mayer for his presentation.