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Regular City Council Meeting <br /> Monday,May 16, 2011 <br /> Page 8 <br /> Mr. Eichten noted additional future mandates as the City addressed requirements <br /> of GASB Statement #54 in reporting fund balances in conjunction with their fund <br /> balance policies; and alerted the City Council to expect staff to return with rec- <br /> ommendations related to that policy. <br /> In conclusion, Mr. Eichten advised that his firm was offering a clean audit opi- <br /> nion on the City's basic financial statements; noted the findings as previously dis- <br /> cussed and the need to continue assessing internal controls; the overall improve- <br /> ments found in the City's General Fund financial condition; and the need for con- <br /> tinued ongoing assessment of financial projections and results including General, <br /> Other Operational and Enterprise Fund activities. <br /> Mayor Roe thanked Mr. Eichten for his presentation; and noted some areas still <br /> needing to be addressed by staff or the City Council. <br /> Councilmember Johnson commended Finance Director Miller on a job well done <br /> in running a tight ship. <br /> Mayor Roe concurred, specifically noting the budget projections to actual reve- <br /> nues and expenditures as noted by Mr. Eichten. <br /> Mr. Miller acknowledged the commendations and advised that he would relay <br /> those commendations to staff <br /> Johnson moved, McGehee seconded, acceptance of the 2010 Annual Financial <br /> Report as presented. <br /> Roll Call <br /> Ayes: McGehee; Johnson; Willmus; Pust; and Roe. <br /> Nays: None. <br /> 9. General Ordinances for Adoption <br /> a. Consider an Ordinance Providing for Two Tier, Off-Sale and On-Sale Sus- <br /> pension Penalties for Liquor License Violations <br /> Councilmember Pust noted that she may need to leave the meeting again, as the <br /> School District was unable to move her portion of the award presentations to ac- <br /> commodate tonight's meeting schedule. <br /> Councilmember Johnson provided a history of amendments to the City's Ordin- <br /> ance, Title Three, Chapter 302.15 from his perspective. Councilmember Johnson <br /> noted that then-Councilmember Roe and Councilmember Pust had researched and <br /> provided recommended amendments to the City's liquor ordinance last year for <br /> both on and off-sale. At that time, having found the penalty for off-sale license <br /> holders harsher than those for on-sale, Councilmember Johnson noted that he had <br />