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Case #5 <br /> <br />Backgrou~d: <br /> <br />By: <br /> <br /> City Special Revenue Fund #250 <br /> Future Sealcoating <br />Sandra Ashley Helling, Finance Officer <br /> <br />Prior to ~1991, deposits for future sealcoating were carried in a several <br />differentlCity funds. To establish better control and simplify the location <br />process, all such deposits were transferred to a new Special Revenue Fund <br />#250. Th~ fund, created in 1991, now accounts for all sealcoating deposits° <br />This chan~e provided one comprehensive report on the status of sealcoating <br />deposits. <br /> <br />Attachedi <br /> <br />Interim F~nancial Report Fund #250 Future Sealcoating Special Revenue Fund <br /> <br />Observations: <br /> <br />Rather than a lump sum deposit for future sealcoating in Flintwood Hills and <br />Rivers' Bend subdivisons,the deposits have been received on a per lot basis <br />at time o~ building permit issuance. A review of the building permits and <br />sealcoati~g ~deposits for Rivers' Bend and Flintwood Hills indicates <br />approximately eighteen lots in each subdivision were not charged this <br />sealcoat£~g ~eposit. In other words, we have approximately $2,000 less on <br />deposit for each of these subdivisions than we should. Our Building Inspector <br />has advised ~that initially he was not aware of the sealcoating deposit <br />requireme~t~, but it is now being collected. <br /> <br />Finance is i~ the process of verifying payments by parcel number, and it is <br />anticipate~d t[his information will be completed for inclusion in our year-end <br />working Rapers. At the time the sealcoating project is proposed, a <br />determinatiion~ will need to be made as to whether the total deposits received <br />should be Icredited against all parcels or credited to only those parcels for <br />which payment' was received. <br /> <br />Budget COmmittee Action: <br />None - information only <br />Review C~ecklist: Copies also distributed to: <br />City Adminkstrator City Engineer <br />Building I~spector <br />Finance Officer <br /> <br />BC: 10/27/92 <br /> <br /> <br />