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LRRWMO Meeting Minutes April 15, 1993 Page 2 Rnutson referenced the report's cover letter from the certified public accountant indicating there are no problems within the LRRWMO financial accounts. Schrantz suggested each LRRWMO member keep track of his expenses at the city level in the event someone asks for a record of LRRWMO activities. Right now we have nothing to show for individual expenses. Knutson noted that right now each city is, basically, donating its representative's time. Schrantz stated we should be keeping track of the time we spend on wetland issues also in that the Board of Water and Soil Resources (BWSR) has indicated it wants to report that information back to the legislature. It is up to each city whether or not we charge for the time expended, but it should be recorded in some manner. Weaver noted the continual budget increases from 1989/91 through to the present. Rnutson confirmed those figures, reminding LRRWMO members of its decision to hire its consultants to complete/update certain documents this year. Weaver agreed there will be some upcoming large expenditures but further suggested the board review its financial position very closely when it prepares its upcoming budget. Schrantz also urged that this board wisely utilize its funds during the period for which they were assessed to avoid an excessive balance. Schultz cautioned that the board also establish an acceptable contingency fund. The LRRWMO members commended Knutson on his outstanding fiscal efforts. Motion was made by Weaver, seconded by Jankowski, to APPROVE THE ANNUAL FINANCIAL STATEMENT AS PRESENTED FOR FISCAL YEAR 1992 ENDING JANUARY 31, 1993, WITH ACCOMPANYING CHARTS, DIRECTING THAT ALL PERTINENT INFORMATION BE FORWARDED TO THE STATE AUDITOR AS REQUIRED. THE BOARD FURTHER EXTENDS ITS THANKS TO JIM RNUTSON FOR EXCELLENT FISCAL MANAGEMENT. 3 ayes - 0 nayes. Motion carried. The LRRWMO board then reviewed the information needed in order to comply with the BWSR annual reporting requirements. The Administrative Secretary was directed to collect the required information, organize it in report form, and submit it to BWSR before the April 30, 1993, deadline. Upon further discussion of the BWSR annual reporting require- ments, the board considered whether it should hired its consulting engineer to prepare the report, in that no one really knew how extensive the report should be. Schrantz