06-27-1994 SpecialCITY OF RICHFIELD, MINNESOTA
SPECIAL CITY COUNCIL STUDY SESSION
JUNE 27, 1994
MEMBERS PRESENT: Martin Kirsch, Mayor; Susan Rosenberg; Russ Susag;
and Don Priebe.
MEMBERS NOT PRESENT: Michael Sandahl.
STAFF PRESENT: James Prosser, City Manager; Thomas Ferber, City
Clerk; Steve Devich, Administrative Services
Director; Donald Fondrick, Community Services
Director; William Fillmore, Liquor Operations
Director; and Bridget Walstrom, Finance Manager.
OTHERS PRESENT: Jeff Radunz, Deloitte & Touche; and Dan Cummings,
Deloitte & Touche.
The meeting was called to order by Mayor Kirsch at 6:00 p.m.
ITEM #~I PRESENTATION OF 1993 COMPREHENSIVE ANNUAL FINANCIAL
REPORT. S.S. LETTER N0. 22
Jeff Radunz, Partner, Deloitte & Touche, reviewed, summarized and
answered questions regarding the audit of the 1993 Comprehensive
Annual Financial Report related to the following issues:
s Unreserved General Fund Balance
• Unreserved General Fund Balance compared to Annual Expenditures
® General Fund Revenues
® General Fund Reserves
_ • General Fund Expenditures
_ • Productivity Measures
® General Fund Revenues and Expenditures Per Capita
® General Fund Revenues and Expenditures Per Household Income and
Loss
9 Debt Service Schedule
® General Obligation Bond Rating
® Fire Relief Association Retirement Obligation
Council Member Priebe suggested that fiscal disparities revenue
be depicted separately in the intergovernmental General Fund Revenue
pie chart. 'He questioned the reasonableness of the high level of cash
reserves in the Sanitary Sewer Fund.
City Manager Prosser stated that continued operating losses in
the Sanitary Sewer Fund could jeopardize the City's excellent bond
rating. He stated that if the rating was downgraded, it could be very
difficult for the City to upgrade the rating again in the future.
Special Meeting Minutes -2- June 27, 1994
Dan Cummings, Deloitte & Touche, reviewed recommendations from
the audit management letter regarding the following issues:
• Management Review of Self Insurance reserves
• Contract Bid Laws
• Ice Arena Rates
• Sanitary Sewer Charges
• Process and Automation
• Status of 1992 Recommendations
~IDJ®URNMENT
The meeting was adjourned by unanimous consent at 6:36 p.m.
F
Date Approved : 7 / 11 / 94 !~ - - -
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-~`~~~i~tds0 / r
Thomas P. Ferber James D.
City Clerk City ar
May®r
1