Minutes - Council - 09/29/1987 - Special

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o Debt Service Funds - are used for accumulation of resources to pay for paving streets, sewers, water systems, etc. o Capital Project Funds - are used to cover projects that will span more than one year. The budget for a project is established at the time of the project approval for the entire project and not on an annual basis. o Enterprise Funds - are used to account for the operations of self-supporting governmental activities which render services or goods to the public. o Trust and Agency Funds - are used to account for assets held by a government in a trustee or agent capacity for individuals, private organizations, other governments, or other funds. Mr. Hartley detailed 9808 Administrative Trust Fund as an example. Handout D: General Fund Comparative Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual. Regarding Handout D, Mr. Hartley stated that it is important to remember that the Balance Sheet is like a snapshot of financial position; it is a picture at a given time. The sheet of Revenues and Expenses shows the activity that takes place during the year. BUDGET DISCUSSIONS At this time, Councilmember Cox asked if someone would attempt to reach Councilmember Pearson for the purpose of reminding him of the meeting and asking him if he could possibly still make it. Counci~ Cox stated that this was too important of a topic not to be considered and acted upon by all Counci~rs. Mayor Reimann called a recess at 8:05 p.m. to allow opportunity to reach Councilmember Pearson. The meeting was reconvened at 8:30 p.m. upon the arrival of Councilmember Pearson. Mr. Hartley continued his review of the informational handouts as follows: Handout E: Letter from Tom Holton, Cc~nity Education Area Manager regarding the Proposed 1988 Cca~,~unity School Budget for City of Ramsy. Handout F: Memorandum from the Economic Development Commission regarding the 1988 Budget Request for Economic Development Activities. Handout G.' City Summary of Park Project Cost and Available Fund Balance Sources. Handout H: Letter from Peter Raatikka, P.E., Hakanson Anderson Assoc., Inc. regarding provision of planning and clerical support services to the City of Ramsey. Handout I '. Rate sheet for the various services the City provides. Councilmember Cox asked if it would be appropriate at this time for Councilmembers to discuss their items of concern. Mr. Hartley stated that it is the Council's meeting and if further explanations are unncessary, they could go ahead with discussion of particular concerns. Councilmember Cox asked if park project costs and funding could be addressed. Mr. Graczyk Reviewed Handout G, City ~y of Park Project Costs and Available City Council/September 29, 1987 Page 3 of 7