Agenda - Council - 07/14/1992 - Laserfiche WebLink

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Comments on Selected Prior Year Management Letter Recommendation Consider a policy change to charge a fee for water meter installation rather than holding a deposit on meters. This change was made with the resolution of June 23, ]992. The Finance Office will prepare a separate resolution for council adoption to reclassify deposits of record within thc next sixty days. Establish separate Special Revenue Funds for each Tax Increment Development District. We are in agreement. City Fund #204 entitled Tax Increment Revolving Fund has been the Special Revenue Fund for both Development Districts. Beginning in 1992 the Finance Office will establish Fund #205 for Tax Increment Development District #2 and Fund 204 will be designated as Tax Increment Development District # 1. O Report all special assessments that arc outxtanding, including those certified but not yet levied. We are in agreement. Currently the City's financial statements reflect only fl~ose special assessments that have been levied but not paid. Thc City should be reporting all assessments that are outstanding, including those certified but not yet levied. The City's Engineering Department is working with the Finance Department on a reporting system that will identify all improvement projects in process, those completed this year and assessment or funding status. With this information, the Finance Department will be able to implement this recommendation. Evaluate the cost of future oversizing of water and sewer lines in the Sewer and Water Enterprise Funds and adjust the designated fund balance accordingly. This will be done for year ended 12/31/92 based on the information obtained from the ram/infrastructure analysis referred to previously, Comments on Graphic Information The General Fund Revenue/Expenditures graph on page 6 of your management letter is particularly meaningful as it displays the City's expenditures exceeding revenues for the years of 1988 through 1990. This pattern changed for 1991, and 1992 's actual versus budget is being closely monitored to assure expenditures do not exceed revenues. The Finance Depm'tment would again like to thank you and your staff for working with us during some frustrating times in past years. We feel good about the progress made in this last year, and we sincerely appreciate the reinforcement. Sincerely, CITY OF RAMSEY Sandra Ashley Helling Finance Officer Mary Gomez, Senior Accountant Ryan Schroeder, City Administrator Ramsey City Council I I I I I I I I I I I I