Agenda - Council - 12/11/1990 - Laserfiche WebLink

Home

City Council and Residents July 2, 1990 Follow-up on Prior Yearrs Recommendations It is unfortunate that the above problems tend to overshadow the efforts and improvements which the City has achieved. In fact, the City has significantly improved in many areas, including accounts receivable collection follow-ups, recording of County receipts, and expansion of your purchase order system. Past recommendations which we believe should receive attention in the future include: ° Reconciliation and recording of deferred future special assessments scheduled but not yet levied. ° Reconciliation of the developer escrow deposits on a monthly basis. ° ConsideratiQn of a policy change to charge a fee for water meter installation rather than holding a deposit on meters. Federal Grants The City's engineering firm is responsible for reporting a majority of the City's federal programs. In order to receive reimbursement for grant expenditures, several reports must be completed and statements obtained from subcontractors° In order to expedite that process, it is recommended that a City employee be assigned the responsibility to monitor the filing of the reimbursement requests to ensure timeliness. Reserved Retained Earnings The City has designated $233,458 in the Sewer and Water Enterprise Fund for the construction of the elevated water storage and future oversizing of water and sewer lines. During 1989, the water tower was completed, and the total project was paid for by the Tax Increment Development District No. 1 Improvement Fund. We suggest that the City redesignate these funds in the reserved retained earnings for other future projects. Tax Increment Accounting The City currently records tax increments from its various tax increment financing districts into one spacia1 revenue fund. Since state law requires that tax increments be accounted for separately, we suggest that a special revenue fund be established for each financing district. The City may then transfer from chose funds to the corresponding debt fund, capital project fund, or a development district special revenue fund. The City did not make the required transfers from the Special Revenue Fund to the corresponding Debt Service and Capital Expenditure Funds to cover expenditures in those funds for 1989. Those transfers should be made each year.