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Regular City Council Meeting Monday, May 18, 2009 Page 12 good idea to keep that within the department, but that the information needed to be flowed to the Finance Department as well for a more comprehensive picture. Mr. Eichten advised the overall audit had gone well, with the one recommended change as noted in the Management Report; and advice that the City continue to look at contingency planning and a disaster recovery plan for its Information Technology functions. Mr. Eichten summarized graphs provided in the audit, providing information on how the City was doing financially overall and impacts of legislation and market value homestead credits; in addition to new federal recovery act funding that the City may obtain, and significant increases in compliance required for those funds. Mr. Eichten reviewed tax rates; Governmental Fund activities per capita; the City's debt service being significantly lower than the state-wide average; General Fund financial position; its current fund balance of 31.0%, and current City policy stating 50% for fund balances; and a history of General Fund revenue sources. Mr. Eichten noted that the City was similar to other city governments in the met- ropolitan area; and that police and fire expenditures were major expenditures to each of those communities as well. Mr. Eichten highlighted his comments related to Financial Trends and Analysis, specifically noting deficit fund balances in the Charitable Gambling Fund and In- formation Technology Fund. Mr. Eichten advised that the audit was offering a clean opinion; and that his firm had had satisfactory discussions of their findings related to internal controls and monitoring; a decline in the overall financial condition of the City's General Fund in 2008; and noted that it was evident that City staff was providing for an ongoing assessment of financial results and projections; and had provided solid answers providing him with a comfort level that the financial information being provided by department staff to the City Council was allowing informed decision-making. Mayor Klausing noted his anticipation of not receiving the finding related to elec- tronic payments for the 2009 audit. Mr. Miller advised the City Council as a whole, and/or individually, to feel free at any time to consider Mr. Eichten as a resource and to contact the City Auditor di- rectly related to the information received tonight, or other areas of City financing. Further discussion included the vendor payment process for the City being re- quired to pay vendors within 35 days of receipt of goods or receipt of an invoice.