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Community Town Hall Meeting — 04/26/04 DRAFT Minutes - Page 7 Councilmember Schroeder sought clarification on how excess revenues were allocated to the General Fund. Mr. Miller responded that, after the City's external auditors completed their work, which was in process at this time, they would make a formal presentation to the City Council on their findings related to the 2003 Budget, at which time the City Council would be acting on approval of the fina12003 Budget as amended; and that any excess funds were automatically allocated to a respective Reserve Fund; with only the City Council able to take action regarding those reserves. Mr. Miller noted that, over the course of the year, the City Manager often needed to approve transfers within a specific department, in accordance with directive previously provided by the City Council, to facilitate the day-to-day operations and community dynamics in ever- changing programming, staffing situations, and efforts to take advantage of cost-saving opportunities. Mayor Klausing recognized clarification, seeking further Council authority on exact Statute. Councilmember Schroeder's information on specific City expenditures under Minnesota Mr. Miller further responded that Statute dictated the Council's level of budget control in the General Fund, but noted that the City Council could chose to be more restrictive than State Statute, at their discretion. Mr. Miller advised that Councilmembers, at each meeting, had the option for approval or denial of payment of expenditures listed individually on the check register and for expenditures and contracts in excess of $5,000, where each line item expenditure was defined by staff. Mr. Miller noted the managerial skills and accountability maintained by staff in providing detailed expense and revenue information for Council information and action. Schroeder moved, Klausing seconded, approved the year-end amendments to the 2003 Budget for the Community Development, License Center, Lawful Gambling and Information Technology Funds respectively, as outlined in the staff report dated Apri126, 2004.