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staff's belief that this report is again a good candidate for receipt of the Certificate and it is <br />intended that staff submit the 2000 CAFR for review and consideration. <br /> <br />Ken Malloy, Malloy, Montague, Kamowski, Radosevich & Co., P.A., reviewed the auditor's <br />opinions containing in the CAFR and the Management Report which included: <br /> 1) City Finance in Minnesota/Legislative Trends <br /> 2) Financial Trends and Conditions of the City <br /> 3) Accounting and Auditing Updates <br /> 4) Formal Required Communications <br /> <br />Mayor Gamec inquired as to when TIF reporting was done. <br /> <br />Finance Offer Lund replied that the TIF report is due by August 1 st. <br /> <br />Councilmember Zimmerman inquired if the sewer utility fund was in a negative standing. <br /> <br />Finance Officer Lund reviewed the sewer utility fund. <br /> <br />Councilmember Zimmerman inquired if a possible sewer rate increase was needed. <br /> <br />Mr. Malloy replied that he had not done an analysis of neighboring cities, but the City should do <br />so on a regular basis. He did not see an immediate need to increase the rates. <br /> <br />Councilmember Hendriksen inquired if the general fund revenue by source included TIF <br />revenue. <br /> <br />Mr. Malloy replied no, explaining that it only dealt with general revenue. <br /> <br />Councilmember Hendriksen inquired if it was possible to know the amount of tax revenue <br />created by each category. <br /> <br />Finance Officer Lund replied that tax revenue is not broken down between commercial and <br />residential properties. The County provides the reports to the City as one total number. <br /> <br />Councilmember Hendriksen inquired if TIF revenue was included in that number. <br /> <br />Finance Officer Lund replied that TIF revenue is included under the special revenue category. <br /> <br />Councilmember Hendriksen stated that the special revenue will pay back investments the City <br />made in the business community and how do they measure the 2.5 million in revenue against that <br />debt. <br /> <br />Finance Officer Lund replied that that is where the TIF reporting comes in to place. <br /> <br />Finance Committee/June 26, 2001 <br /> Page 2 of 6 <br /> <br /> <br />