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What we have to roll in here, we're sure that there's not really a long meeting to present a provisioning piece of it. So what there's any additions or relations to the agenda.

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Hearing none, motion to approve the agenda has presented.

3
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fifteen to seven to seven.

4
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Uh-oh.

5
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Six.

6
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Six.

7
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Five.

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One.

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Five.

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Alright.

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We're.

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You know, the U.N.

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They were.

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So the.

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I'm.

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I.

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I.

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I.

19
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I.

20
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I.

21
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I.

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I.

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I.

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I.

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I.

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have remote capabilities for consultations relied also. All right. Moving on to the open

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form, this is an opportunity for citizens to present items to the consult that are not

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on the agenda. Each presentation is limited to three minutes and a maximum of 15 minutes to set

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aside. If your item needs follow up, six staff will arrange for that. Do we have any for

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No, we have consent items under number five, or real model, or what do you want to read to one?

31
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No, in fact, you don't even have to read them.

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We just ask if anybody wants to pull an item off if you consent to gender for discussion.

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Okay.

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And if they do, then you pull it off and discuss it after you make a motion to approve the items remaining after consent.

35
00:01:49,470 --> 00:01:53,230
All right, we will go ahead and make a quick turn.

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Okay, is there a motion in a second to the consent panel?

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A little bit of discussion.

38
00:02:01,830 --> 00:02:02,910
There's really little on the floor.

39
00:02:04,190 --> 00:02:05,350
Missile proof of consent.

40
00:02:08,780 --> 00:02:09,720
Time will be second.

41
00:02:10,200 --> 00:02:10,660
I'll second.

42
00:02:11,080 --> 00:02:11,280
Okay.

43
00:02:12,140 --> 00:02:12,800
Thank you.

44
00:02:13,120 --> 00:02:15,820
Is there anything to discuss on the consent or objection?

45
00:02:16,440 --> 00:02:18,700
I just like to ask about the crime to be clear.

46
00:02:32,320 --> 00:02:42,390
All right, okay, that's all in favor, we have a motion by steam.

47
00:02:43,430 --> 00:02:47,370
All in favor of consent that I'm sitting by by saying hi.

48
00:02:49,030 --> 00:02:49,750
All right.

49
00:02:49,750 --> 00:02:50,730
Those motion carries.

50
00:02:52,150 --> 00:02:52,470
All right.

51
00:02:52,730 --> 00:02:55,130
We're going to move on to what we're waiting for.

52
00:02:55,370 --> 00:02:56,970
We've got Andy here from red path.

53
00:02:57,230 --> 00:02:57,810
We wanted to be.

54
00:02:58,090 --> 00:02:58,550
Why?

55
00:02:58,930 --> 00:03:00,150
Talk to the audit.

56
00:03:00,810 --> 00:03:01,530
All right.

57
00:03:02,190 --> 00:03:04,690
And Andy provided everyone a hand out as well.

58
00:03:06,310 --> 00:03:07,430
Thank you.

59
00:03:07,610 --> 00:03:08,830
Thank you for having me.

60
00:03:09,110 --> 00:03:10,390
I should be happy to be here.

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00:03:12,910 --> 00:03:20,570
Good morning, my name is Amy Herring, and I'm here from Red Baptist Company to accept the results of the 2020 audit.

62
00:03:21,510 --> 00:03:26,490
The audit isn't quite finalized yet for reports how you've been finalized.

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00:03:27,550 --> 00:03:33,090
Essentially, here it is. I'm just working on wrapping up the last few items.

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It seems like I can probably hear you.

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All

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right, so the honest is in quite finalized, we're doing them wrapping up a few last

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00:04:19,580 --> 00:04:27,460
states here, but where I'm confident with the preliminary results and nothing really

68
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additional will change and we will be able to issue our reports by June 30th.

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00:04:35,560 --> 00:04:39,920
So with that, I've got a slide chart just to run through the results of the audit,

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the

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The page, there we go, on page two of that slide summarizes the reports issued as part

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00:04:56,710 --> 00:05:02,670
of the audit, the opinion on the financial statements, the report of internal controls,

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report on Minnesota legal compliance, and a communication letter to those charged with

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governance for the city council.

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First, the next slide are opinion on the financial statements.

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It's based on the field work we perform where we're testing the amount of the disclosures in the city's financial statements.

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00:05:27,390 --> 00:05:34,650
There are five assertions that we're testing in occurrence completeness after see cutoff classification.

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A current we're ensuring that they be amounts recorded in the financial statements actually

79
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occurred and pertained to the city, if you think of all cash or revenue law, make sure

80
00:05:48,490 --> 00:05:51,830
it's actually the city's cash or actually the city's revenue.

81
00:05:53,150 --> 00:06:00,190
On the flip side, the police want to make sure everything that should be recorded is recorded

82
00:06:00,190 --> 00:06:02,590
such as liability and expenses.

83
00:06:03,570 --> 00:06:13,830
And that accuracy and cut off the classification relates to the accuracy of the accounts being recorded in the correct period and classifies correctly.

84
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We also use data mining techniques where we import the city's entire general ledger in detail, which is a listing of all transactions made during the year.

85
00:06:25,570 --> 00:06:31,390
We import that into a software we use to enable us to look at all of those transactions

86
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at once from the software and kicks out any unusual items depending on the queries we

87
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set.

88
00:06:38,870 --> 00:06:45,750
We do a match where we import employee addresses and vendor addresses and see if there's any

89
00:06:45,750 --> 00:06:52,270
matches there looking for anything unusual and we didn't find anything unusual.

90
00:06:53,310 --> 00:07:01,990
So, the results of the audit, and it's an unmodified opinion or a clean opinion, a high-stabled

91
00:07:01,990 --> 00:07:03,710
opinion, the civic opinion.

92
00:07:06,150 --> 00:07:14,770
A few slides on the financial results, the general launch balance increased $48,000 during

93
00:07:14,770 --> 00:07:25,510
in 2020, a budgeted, it was a budgeted flat, no increase or decrease, so there are 49,000

94
00:07:25,510 --> 00:07:26,250
ahead of budget.

95
00:07:27,230 --> 00:07:36,550
And what would have been more that $200,000 transfer there, what that is is in 2019,

96
00:07:39,370 --> 00:07:40,110
I think

97
00:07:40,110 --> 00:07:45,150
It was a few hundred thousand out of a few of them was we seeded into the general fund.

98
00:07:45,610 --> 00:07:53,450
But the expenditures for the expires department, the breathing apparatus was expended out of 401.

99
00:07:54,570 --> 00:08:04,110
So that 200,000 that came into the general fund in 19 was transferred over to 401 here in 2020 to match up those fat revenues.

100
00:08:09,010 --> 00:08:16,290
So with that, Andy, that's a journal watch that should have been taken care of at the time.

101
00:08:16,990 --> 00:08:20,550
The grant was received, moving it out of general, and the capital.

102
00:08:21,430 --> 00:08:25,090
It's been expended for the SMG's out of capital.

103
00:08:25,830 --> 00:08:26,150
Correct.

104
00:08:27,930 --> 00:08:33,050
Yeah, it was, the revenue was recorded in the wrong fund at the end of the time.

105
00:08:33,630 --> 00:08:38,190
So, with something as simple as that, what can we avoid that from asking?

106
00:08:39,210 --> 00:08:42,950
It's going to be, it's going to have any kind of, I mean, if you have any transactions,

107
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potentially, like, better view of your somewhere along the way,

108
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and that process of recording and receiving, is there something staff should be doing

109
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to, you know, correlate it to where it needs to work rather than,

110
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And it's just an oversight problem because it was an oversight right here gathering certain

111
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expenses as part of that process of recording those kind of colleges and expenses to speak.

112
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One of the steps is to make sure those are recorded in the same fund.

113
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Right, as my thought is, well, diplomas are taken to receive, it should bend the question

114
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or does this close to where else we need to do something.

115
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But there should be some communication

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and I think to make sure that we don't have one.

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I think there was a likely one person recording

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the receipt, a different person recording

119
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the expense and the lack of communication there

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or during the end, when reviewing the set in 2019,

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when reviewing the records at the end of the year,

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So

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we increased their fund balance level of 48 dollars.

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I'm going to the next slide because that's what the fund balance of the general fund

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yields at the end of 2020, $2 million, $80,000, and just a small amount of that, it's

126
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of those $2,500 that represents expenses pertaining to 2021.

127
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So you can see the $2,770,000 is unassigned fund balance.

128
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Now, a portion of that is definitely needed for cash flows.

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The city is in property taxes, I'd say.

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It's made revenue source.

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You don't receive your first payment from the county.

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So about halfway through the year.

133
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So the city needs funds on hand at the end of the year for cash flow purposes is built for the first half of the year.

134
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As such, the city has a fund balance policy establishing a minimum fund balance of 31%.

135
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And the actual on the site of fund balance was 92% of 2021 expenditures.

136
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There's a question mark, for sure.

137
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Is that the moment that we should consider investing

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in the part of that?

139
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We can carry that much from basically down,

140
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return a call because of the bank account.

141
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Yeah, the city has its money and both money-market funds,

142
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which these days are very low, if at all.

143
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And then there's a few CDs that City has, the money from all funds is really cool together

144
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when it comes to investing.

145
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So that usually the thought is you don't take an access from the general fund.

146
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You don't take an access from a water fund.

147
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You don't take an access from a suit.

148
00:12:08,290 --> 00:12:11,030
So when they're all kind of pooled together, but they're probably as

149
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someone for investing there, or either investing the money at bank, or a different

150
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way of investing would be to pay off debt, but that's the possibility, or not

151
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as you get for future targets, that's different means by which to counsel and take a look at it.

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You know that 92% is definitely on the higher end of what I see but I'll also say that the fund

153
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balance policy of 31% that's on the lower end as well.

154
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We have to make the city estimated halfway through the end so we should have at least 50% of

155
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So, in full, someone reserved for the carrier.

156
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Forty to fifty percent is common because not all of the revenue from the general fund is

157
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derived from the property taxes, but forty to fifty percent is much more common.

158
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So, maybe we as a co-host also should consider real lives in that, commercial, low

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-income,

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was fun, that was cool, we created a bit of a lot really, it can't, yeah there's a variety

161
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of factors that I'm finding in agency books and too, but for sure they're looking at fun

162
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balance and reserves and the city's fiscal plan and how closely it follows its fiscal plan

163
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and it means it's objective, yes, thank you.

164
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Next

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slide is, relates to the enterprise funds and really focuses on their cash produced

166
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by the enterprise funds, the liquor, water, and sewer utility funds, but the first line

167
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there are cash provided by operating activities that would be user charges less operating expenses

168
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such as payroll, utility costs, just the everyday costs to run those funds.

169
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So they go back once slightly good and the funds are providing a healthy operating cash

170
00:14:35,320 --> 00:14:41,540
Well, a few other non-operating income items there.

171
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But that money is needed for, you know, water and sewer funds needed to fund debt service payments,

172
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and we both will be increasing in future years due to bonds that were issued last couple of years.

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And then I did allow a $350,000 transfer out of the...

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Micro fund during 2020.

175
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So this is a quick question regarding. But one of the utilities is the water and the sewer that's been out. One of them is the point of being tight, right or not sure to be tight in future years, because of the bonds. Which one is that? Do you know just water? If it's bonds is more likely to bonds for the water tower. Okay. So I'll get it back to what we have.

176
00:15:30,900 --> 00:15:42,480
Can we utilize some of our access cash if you will to alleviate the pressure on that?

177
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Stash tourney, you cannot use property taxes to support watering, sewer, and no cost funds.

178
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So we transferred 350,000 out of the book of question.

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Correct.

180
00:15:55,340 --> 00:15:56,520
Yes,

181
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here in Cal, we came to the council acting close the reconciled summary for

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Thanksgiving, and Laura had access to cash, including the additional

183
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transfers at that time, open the level of invention for truth money, true projects,

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and I think someone to the fire department, they are for a fire truck, and I'm sure

185
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in a while, but we need to increase the transfer from the

186
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member fund, because they have access to that.

187
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Thank you.

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I have forgotten.

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So that covers our opinion on the financial statements and some financial

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results.

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00:16:44,730 --> 00:16:48,550
Now, the next report, the issue is a report on internal controls related

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to the cities, policies, and procedures over financial reporting.

193
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And we don't necessarily audit all of the controls, but

194
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we're definitely looking at them as we perform the audit and we'll report to you

195
00:17:02,370 --> 00:17:10,130
any deficiencies we might detect during the audit. We did identify three internal

196
00:17:10,130 --> 00:17:20,050
control findings. But first, anytime there's a correction that's detected by audit

197
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procedures after the audit began, ideally the procedures would be in place to

198
00:17:25,850 --> 00:17:29,690
to collect everything and close the books properly,

199
00:17:30,310 --> 00:17:31,950
prior to the start of the audit.

200
00:17:32,710 --> 00:17:35,770
We identified 10 material audit adjustments

201
00:17:36,300 --> 00:17:38,730
and seven inventory audit adjustments.

202
00:17:38,950 --> 00:17:42,330
The difference there is the material adjustments

203
00:17:42,680 --> 00:17:45,670
were required to be corrected in order

204
00:17:45,670 --> 00:17:48,450
to receive the clean opinion, which they all work,

205
00:17:48,710 --> 00:17:52,110
and that many of the seven smaller items

206
00:17:52,110 --> 00:17:56,690
where we still have the best to correct those items as well.

207
00:17:58,850 --> 00:18:09,610
You can see the categories that those corrections affected, including the bank reconciliations.

208
00:18:09,890 --> 00:18:17,230
There was 2021 checks cut in 2021, they were included in the 2020 bank reconciliations.

209
00:18:18,110 --> 00:18:20,530
That was one of the items I was corrected.

210
00:18:20,530 --> 00:18:21,710
The

211
00:18:24,780 --> 00:18:35,120
next time, finding 2020-2, this is a repeat finding from last year.

212
00:18:35,960 --> 00:18:44,340
We really knew during 2020 that the bank reconciliation would have been performed timely.

213
00:18:45,000 --> 00:18:50,600
That's why burden KDB was hired to come in and catch up on those.

214
00:18:50,600 --> 00:18:54,080
So that one's really been resolved at this point.

215
00:18:55,160 --> 00:19:01,340
So at this time, when we were reconciling by the end of the PCA month, or almost time,

216
00:19:01,460 --> 00:19:03,980
there's got almost never been, yeah, of course there's no capers.

217
00:19:04,540 --> 00:19:10,180
Right, we're reconciling the beginning of the next month as we have, we have a new drug

218
00:19:10,180 --> 00:19:17,540
glitch though, Carl, because we had an issue with being, and so April was the latest

219
00:19:20,360 --> 00:19:21,120
And

220
00:19:28,870 --> 00:19:33,870
I'm finding 2020-3 is also a repeat finding from last year.

221
00:19:34,130 --> 00:19:40,650
There's not a consistent review of journal entries made throughout 2020.

222
00:19:41,570 --> 00:19:54,050
And that's another process that vergoncated is helping to refine and make sure the person entering the journal entry or into the system.

223
00:19:58,610 --> 00:20:01,470
And what is the process for that now, Catherine?

224
00:20:04,290 --> 00:20:04,450
Yes.

225
00:20:04,970 --> 00:20:09,730
So Mark is big in chasing lessons in the community by myself or my team.

226
00:20:15,030 --> 00:20:22,630
And if I could stay further in a different system, there would be a ability to put control in place.

227
00:20:22,630 --> 00:20:25,170
He then created journalism, but he couldn't post it.

228
00:20:25,730 --> 00:20:29,010
It would go to a person that allows ahead

229
00:20:29,010 --> 00:20:30,470
of him with a different responsibility

230
00:20:30,470 --> 00:20:32,110
that would be in the review of the poster.

231
00:20:32,670 --> 00:20:34,510
So currently, right now, that there's

232
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responsibility not necessarily existing to be in them.

233
00:20:37,150 --> 00:20:38,950
So, for example, I was able to post

234
00:20:38,950 --> 00:20:41,710
a journal which is to help go on his couple weeks ago.

235
00:20:42,010 --> 00:20:43,410
So we don't have those kind of controls

236
00:20:43,410 --> 00:20:45,470
or they're not allowed to be in it.

237
00:20:45,750 --> 00:20:49,010
To split that difference or split that job into two.

238
00:20:49,010 --> 00:20:51,570
which somebody posts an entry is different than somebody

239
00:20:51,570 --> 00:20:52,330
created an entry.

240
00:20:52,850 --> 00:20:56,370
So Marcus Cray entries make a review before he posts them.

241
00:20:56,650 --> 00:20:58,390
But he still has the same posts as you to Cray

242
00:20:58,390 --> 00:20:59,830
and then posting them at his time.

243
00:21:00,270 --> 00:21:03,670
So as somebody initially not on the journal entries,

244
00:21:03,830 --> 00:21:05,710
now for the review?

245
00:21:05,810 --> 00:21:06,630
We'll take a little more time.

246
00:21:07,010 --> 00:21:08,870
I'm sorry, is somebody, or a captain,

247
00:21:09,090 --> 00:21:13,970
are you initially not on journal vouchers after Mark

248
00:21:13,970 --> 00:21:14,730
prepares them?

249
00:21:15,150 --> 00:21:16,210
So there's an odd trail.

250
00:21:16,210 --> 00:21:22,350
let's do. Who did it manually? No, we have it, but that is a good thing, but like so we

251
00:21:22,350 --> 00:21:29,350
did actually reach law on that. We did reviewing it, but now with technology we haven't actually

252
00:21:29,350 --> 00:21:36,930
done any research on it. And if we change the county software I'm guessing it'll be an integrated

253
00:21:36,930 --> 00:21:46,190
piece of the process. I think we should definitely be having a

254
00:21:50,930 --> 00:21:51,450
And

255
00:21:53,590 --> 00:21:59,950
that protects the employee, the person making initial entries, you know, everyone

256
00:21:59,950 --> 00:22:00,610
makes some states.

257
00:22:00,910 --> 00:22:01,810
Everyone's allowed to do this.

258
00:22:01,850 --> 00:22:04,690
It's always nice to have a second set of lines to have a name.

259
00:22:10,660 --> 00:22:17,760
The next report, the report on Minnesota Vivo compliance, this is based on a guide that

260
00:22:17,760 --> 00:22:19,780
of the data under issues.

261
00:22:22,940 --> 00:22:26,120
So we're testing for compliance with state statutes

262
00:22:26,120 --> 00:22:29,320
in this seven different areas that's listed here.

263
00:22:32,840 --> 00:22:36,720
So we perform a sample as we're performing the audit,

264
00:22:37,020 --> 00:22:39,300
testing for compliance in various areas,

265
00:22:39,540 --> 00:22:41,700
such as the city of sufficient collateral

266
00:22:41,700 --> 00:22:42,900
over its deposits.

267
00:22:43,520 --> 00:22:46,220
Is it following the bidding requirements

268
00:22:46,220 --> 00:22:49,820
for sealed bids that are required for contracts

269
00:22:49,820 --> 00:22:57,860
over $175,000, there are certain provisions that must be followed related to tax increment.

270
00:22:59,080 --> 00:23:02,480
As a result of the other, we detected three compliance findings.

271
00:23:04,420 --> 00:23:05,360
The first,

272
00:23:07,970 --> 00:23:11,170
this has also repeat findings from last year.

273
00:23:11,570 --> 00:23:18,070
There's a debt report that must be filed with the accounting by the February 1st of each year.

274
00:23:18,270 --> 00:23:20,890
It was filed February 11th.

275
00:23:21,810 --> 00:23:30,310
So really not a significant client in there, but you know, it was quite so we have to report it.

276
00:23:32,740 --> 00:23:39,420
20-5, there's a for unclaimed practice.

277
00:23:40,440 --> 00:23:44,600
Truly unclaimed, there's a report that has to be filed with the state,

278
00:23:45,040 --> 00:23:47,640
and that property should be turned over to the state.

279
00:23:47,640 --> 00:23:54,860
and this is what we need to do, checks that have not been cashed, so that is just an

280
00:23:54,860 --> 00:24:00,960
eight checks older than three years, which are still on that outstanding check, which

281
00:24:00,960 --> 00:24:07,000
I think, again, not a significant finding. I don't see that one either.

282
00:24:07,780 --> 00:24:12,620
These are just process things. I mean, this is something that shouldn't be reviewed by

283
00:24:12,620 --> 00:24:14,620
Not to administer your current year.

284
00:24:15,420 --> 00:24:16,380
Um, yes.

285
00:24:16,740 --> 00:24:17,280
Good afternoon.

286
00:24:18,360 --> 00:24:20,660
We probably finally caught the human heart.

287
00:24:21,220 --> 00:24:23,520
Irritated, committed, and tried to make sure.

288
00:24:24,200 --> 00:24:26,880
And it was a process that you'd go to the last way.

289
00:24:27,020 --> 00:24:30,680
And you got an island to file a vote, prepare the vote for us.

290
00:24:31,000 --> 00:24:32,220
You get that vote really well this way.

291
00:24:32,620 --> 00:24:36,960
And then as a forest-based economy, we wrap up our regular installations in the summer.

292
00:24:37,220 --> 00:24:40,280
We just look at the new type of checks that we've issued into the state.

293
00:24:40,280 --> 00:24:48,300
And so again, we will have that all in order to be able to stay properly before we do make this video.

294
00:24:49,120 --> 00:24:49,340
Great.

295
00:24:53,720 --> 00:25:12,920
And then this last one, the 2019 Equipment Certificates were issued and the resolution called for a levied in 2019 collected in 2020 to pay for those debt service payments.

296
00:25:13,500 --> 00:25:18,120
and that portion of the levy was not included in the debt service levy.

297
00:25:19,060 --> 00:25:22,780
This is actually the second year in a row we've had this type of a finding

298
00:25:22,780 --> 00:25:29,440
that 2018 bonds were supposed to have a levy in 2019 that did not occur either.

299
00:25:31,400 --> 00:25:37,420
So I think whether it's FERB and KDB or Ellers,

300
00:25:38,380 --> 00:25:42,120
whoever you may choose needs to take a step back and make sure

301
00:25:42,120 --> 00:25:48,360
you've got that the correct levied amount, the correct amount levied for all the outstanding

302
00:25:48,360 --> 00:25:59,020
debt before the levied certified for 2021 here for 2022. So for this month that was

303
00:25:59,020 --> 00:26:05,240
not well because that's something we can't go back and live for that year, can't we?

304
00:26:05,860 --> 00:26:10,420
are we just pay that out of our general fund?

305
00:26:11,920 --> 00:26:14,160
Yeah, you've got a few different options.

306
00:26:15,240 --> 00:26:23,200
You know, the fund just had a small cash deficit at the end of 2020 of 1589, but there

307
00:26:23,200 --> 00:26:33,280
was a $69,000 payment made on January 12, 2021, so within a fund, it didn't have the cash.

308
00:26:33,280 --> 00:26:40,320
overall the city has the action that and made the payment but that the options I

309
00:26:40,320 --> 00:26:47,140
think it was just a three year might be for that significant so that the

310
00:26:47,140 --> 00:26:53,060
level street sweeper or what's not good for sure 100 dollars

311
00:27:12,050 --> 00:27:21,070
So, the options would be to essentially pay for that $69,000 out of odd gift or the remaining

312
00:27:21,070 --> 00:27:23,650
We need two years of the lab being quickly increased.

313
00:27:27,590 --> 00:27:31,310
Is that something we need to have a discussion about, Linda?

314
00:27:32,010 --> 00:27:33,990
Yeah, we'll have that as part of the budgeting.

315
00:27:35,150 --> 00:27:37,430
So, ask your July meeting.

316
00:27:38,150 --> 00:27:43,370
We will have our first discussion on the 2022 draft budget.

317
00:27:44,050 --> 00:27:48,390
And so, we'll have recommendations for how to solve that as part of that process.

318
00:27:48,390 --> 00:27:49,910
Okay, about

319
00:27:55,800 --> 00:28:18,700
one more thing to think about, does the equivalence certificate, the city is paying about 3.9% interest at those they're doing February 23, 15 minutes ago where you're talking about how the city has some surplus funds earning low interest rate.

320
00:28:18,700 --> 00:28:23,600
I mean, it's kind of part of a good evaluation of the cash flows, doesn't make sense.

321
00:28:24,560 --> 00:28:28,600
They have to be paying 3.7 million in the earning.

322
00:28:29,360 --> 00:28:30,180
2.1 million in seconds.

323
00:28:30,640 --> 00:28:32,180
You can just pay cash out right away.

324
00:28:33,280 --> 00:28:33,760
Exactly.

325
00:28:35,480 --> 00:28:35,960
Right.

326
00:28:36,940 --> 00:28:39,760
Yeah, so it would be a good recommendation to see the papers on.

327
00:28:40,560 --> 00:28:41,540
How many are there?

328
00:28:42,240 --> 00:28:43,600
There's three famous models.

329
00:28:45,420 --> 00:28:46,660
But it's just one.

330
00:28:49,440 --> 00:28:52,760
I think this is the only certificate outstanding right now.

331
00:28:53,540 --> 00:28:58,240
There might be a few other similar pieces of debt.

332
00:28:58,880 --> 00:29:00,080
I'm sure there could be.

333
00:29:00,420 --> 00:29:00,600
Yeah.

334
00:29:00,800 --> 00:29:02,740
Well, I know we financed some public work stuff.

335
00:29:03,180 --> 00:29:04,160
That was very extraordinary.

336
00:29:05,180 --> 00:29:06,180
I was part of the sweeper.

337
00:29:06,640 --> 00:29:08,360
Sweeper, back truck, and maybe a dump truck.

338
00:29:08,580 --> 00:29:09,860
Here, the back truck was a bit different.

339
00:29:10,420 --> 00:29:10,460
Yeah.

340
00:29:10,680 --> 00:29:15,680
And the reason why you financed usually is because you don't have enough in the budget to pay for it.

341
00:29:15,680 --> 00:29:18,860
So you finance it to spread about three years to make it match with budget.

342
00:29:20,780 --> 00:29:24,760
And so I understand why you finance equipment like that, it makes sense.

343
00:29:25,580 --> 00:29:27,560
But you do have the ability to pay it off.

344
00:29:27,740 --> 00:29:28,700
So that's another option.

345
00:29:29,080 --> 00:29:30,580
And you have to be, um,

346
00:29:31,800 --> 00:29:35,380
having to worry about the money in the world and have to be having to worry about the difference

347
00:29:35,380 --> 00:29:37,080
in those interest rates.

348
00:29:38,020 --> 00:29:40,060
At least that's what I heard.

349
00:29:40,580 --> 00:29:42,440
Eddie said, um, I'm not a gentleman.

350
00:29:42,440 --> 00:29:45,080
So I think everybody's worth some of my money.

351
00:29:45,400 --> 00:29:45,540
Yes.

352
00:29:47,080 --> 00:29:47,880
Well, good.

353
00:29:48,040 --> 00:29:52,240
That's something that would be a good budget discussion with that

354
00:29:52,240 --> 00:29:52,960
and other things.

355
00:29:53,780 --> 00:29:57,120
The impact on the capital plan that we have.

356
00:30:01,300 --> 00:30:07,480
All right, so that includes the compliance report. Lastly, there's a letter to the City Council

357
00:30:07,480 --> 00:30:11,080
of Required Communications from the auditor.

358
00:30:13,490 --> 00:30:15,670
Starts off, there's no new, there are no new

359
00:30:15,670 --> 00:30:23,930
accounting policies or standards adapted as part of the 2020 audit, where there's a

360
00:30:23,930 --> 00:30:29,330
paragraph that in our opinion, the most sensitive put note in the financial statements relates

361
00:30:29,330 --> 00:30:35,110
to long-term debt. There's a paragraph relating to difficulties in

362
00:30:35,110 --> 00:30:40,130
counter during the audit that the amount of journal entries posted, that's what

363
00:30:40,130 --> 00:30:47,170
this other handle was. It just gives you an idea of the adjustments that were made

364
00:30:47,170 --> 00:30:54,430
to the city's records after. And that's those 17 journal entries that were

365
00:30:55,330 --> 00:31:03,010
As you can see, it just takes time to do that in additional effort, but we made it, but

366
00:31:03,010 --> 00:31:11,790
it caused the audit to be done, or not to be done until right about now instead of hoping

367
00:31:11,790 --> 00:31:12,990
we got a few weeks ago.

368
00:31:13,790 --> 00:31:16,850
You guys have a question about middle-to-six long-term debt.

369
00:31:17,330 --> 00:31:17,490
Yes.

370
00:31:17,870 --> 00:31:19,550
Can you explain that a little bit more?

371
00:31:19,550 --> 00:31:24,530
You said it's normal sex, it's like putting up so, I don't know how to make sure I understand it fully.

372
00:31:25,830 --> 00:31:32,850
Yes, so, it's part of the slide out where audit standards should say,

373
00:31:33,370 --> 00:31:41,210
the closest to governments, what you feel is the most sensitive or the most significant footnote in the financial statements,

374
00:31:41,210 --> 00:32:04,610
It's the one and two that they should be most concerned in some great work, but most significant that 50% work would be, so this is an Arabian means that definition, we're being in necessary deals, but we need to pay attention to a lot better pay attention, yeah, that we don't get an upside down, we'll long-term devil.

375
00:32:04,610 --> 00:32:11,950
So as far as our volunteer budgeting process, when we're doing that 10-year help, we'll include debt service as part of that.

376
00:32:12,270 --> 00:32:19,070
Plus, you're the transfers in and out of capital, so you'll have a better handle on that, and you can you don't demonstrate to the

377
00:32:35,630 --> 00:32:41,590
that's what I was going to say that I think that's the rule, but we always ask them how

378
00:32:41,590 --> 00:32:44,390
this would impact our long-term debt service, I think.

379
00:32:44,390 --> 00:32:49,930
I think we are sensitive to that, because it's definitely something that we can't consider

380
00:32:49,930 --> 00:32:51,070
negatively.

381
00:32:52,550 --> 00:32:58,130
And that's why I think we're kind of causing this year's stepping back and being Miller's

382
00:32:58,130 --> 00:32:58,450
role.

383
00:32:59,310 --> 00:33:05,130
And then our vision for capital plan or strengths and equipment and so on and so forth.

384
00:33:06,390 --> 00:33:07,670
Thank you.

385
00:33:13,190 --> 00:33:24,170
But overall, in a way, we all worked together with Red Pass, the British KVB, and the finance

386
00:33:24,170 --> 00:33:31,790
and other staff here, and we all tried our best, and we're issuing my June 30th this year,

387
00:33:31,870 --> 00:33:33,410
which is a nice accomplishment.

388
00:33:35,330 --> 00:33:41,310
I want to thank Katherine and all the staff for working together to get this done last year.

389
00:33:41,450 --> 00:33:47,490
We all know how late we were on a cold and kind of gave us some kind of a reprieve to a degree.

390
00:33:47,910 --> 00:33:51,270
But, yeah, there's a reason we shouldn't be able to accomplish an audit for the government.

391
00:33:51,950 --> 00:33:53,890
Well, it takes everybody working together.

392
00:33:54,490 --> 00:33:56,270
And Andy had read that to us.

393
00:33:56,310 --> 00:33:57,210
And I'm sharing that.

394
00:33:57,350 --> 00:33:57,630
Absolutely.

395
00:33:57,630 --> 00:34:07,830
Right. But then we had a conversation yesterday, the burden paid me staff and the federal staff and we've

396
00:34:07,830 --> 00:34:12,070
greatly appreciate the patients that they've had in the health that they've had in us because we

397
00:34:12,070 --> 00:34:17,590
haven't lived through the New York 2020, but we were to the best of our abilities trying to

398
00:34:17,590 --> 00:34:23,310
report on it. And it was a great teamwork between the two of us. Obviously they needed to just stay as

399
00:34:23,310 --> 00:34:24,250
in the next possible.

400
00:34:24,710 --> 00:34:27,130
So we'll just appreciate the help we're able to do this.

401
00:34:27,510 --> 00:34:30,470
And we know it's going to be funny.

402
00:34:32,630 --> 00:34:34,390
We will have my phone key to be,

403
00:34:34,550 --> 00:34:36,730
and if I stop, I'll have to live through 2021

404
00:34:37,250 --> 00:34:40,050
with high cities, so it will be all for a million.

405
00:34:40,850 --> 00:34:42,770
So I'm pretty excited for our last two.

406
00:34:48,020 --> 00:34:50,840
Lastly, just a few additional points here,

407
00:34:51,060 --> 00:34:54,340
not necessarily findings, but other matters

408
00:34:54,340 --> 00:34:58,180
to pay attention to the 2020 Street Projects

409
00:34:58,180 --> 00:35:05,200
capital fund that's had a deficit of $280,000 in it, so that'll be, need to be resolved

410
00:35:06,480 --> 00:35:12,980
in some manner, another thing to consider during the budgeting process.

411
00:35:13,780 --> 00:35:17,100
Is that because of a levied problem again?

412
00:35:18,820 --> 00:35:20,980
No, you know, I don't.

413
00:35:20,980 --> 00:35:27,100
It may be because your special assessments were not certified, so you don't have your special assessment revenue coming in.

414
00:35:27,100 --> 00:35:35,800
If you would have certified them, they wouldn't have been on the tax rolls and would have started receiving some of your special assessment revenue.

415
00:35:38,420 --> 00:35:40,180
Is that what you're talking about here?

416
00:35:41,660 --> 00:35:47,740
That would be the 13th Street, or after 16th and 10th, all that work.

417
00:35:47,740 --> 00:35:47,740
So,

418
00:35:50,040 --> 00:35:54,520
Katherine, what led to said worried about special assessments were not certified?

419
00:35:55,680 --> 00:36:00,800
Well, that was the question that I had a month ago, this project, or too much of that,

420
00:36:00,820 --> 00:36:05,720
is a project on budget because we've spent more than the bomb to arrive,

421
00:36:05,900 --> 00:36:08,960
and I hadn't seen a budget from the project, so that was the question that says.

422
00:36:09,680 --> 00:36:13,120
So, two months ago, maybe it was the question I had a month and so.

423
00:36:13,520 --> 00:36:17,140
The project is actually young, but I actually need to see the budget

424
00:36:17,140 --> 00:36:21,360
to see if the special assessments also doesn't play as we're

425
00:36:21,360 --> 00:36:24,820
under new to cover the expenses, which I'm assuming that

426
00:36:24,820 --> 00:36:27,600
it potentially does, I just think of the time.

427
00:36:30,190 --> 00:36:33,470
Well, do you remember how much we had for the no-one really?

428
00:36:35,390 --> 00:36:38,530
It could be last year because I was part of that project.

429
00:36:39,690 --> 00:36:43,590
Or we incorporated it into the project, so that was,

430
00:36:43,850 --> 00:36:47,850
we had 115 budget and it was 185,

431
00:36:48,830 --> 00:36:52,570
$990,000, so we used the capital money for that,

432
00:36:52,730 --> 00:36:56,570
but the plan was for that, for the debt holders.

433
00:36:57,430 --> 00:36:59,630
So I wouldn't be part of this, I don't think at all.

434
00:37:00,190 --> 00:37:02,930
Well, I was, you know, purely the policy issue,

435
00:37:03,370 --> 00:37:06,450
which we found, and it's written in two terms,

436
00:37:07,230 --> 00:37:08,250
but it's written in two terms.

437
00:37:08,610 --> 00:37:09,730
Can I say that that would happen?

438
00:37:11,250 --> 00:37:15,630
What I'm showing here is expensive in that fund

439
00:37:15,630 --> 00:37:18,830
of $2,000,000, $25,000.

440
00:37:18,830 --> 00:37:26,370
Those expenses were funded by the 2020 bonds and bond proceeds were $1,770.

441
00:37:28,050 --> 00:37:35,130
The future assessments will come into pay for the debt service, and the initial deficit

442
00:37:35,130 --> 00:37:38,910
here, because expenditures are more than the bond proceeds.

443
00:37:40,930 --> 00:37:46,310
So, I'm just saying we spent more on that project than we had issued a bottom up.

444
00:37:46,670 --> 00:37:46,770
Yes.

445
00:37:47,550 --> 00:37:47,830
Correct.

446
00:37:48,130 --> 00:37:50,650
So, I have not seen this budget for the project.

447
00:37:50,870 --> 00:37:52,970
So, I don't know how it was budgeted.

448
00:37:53,150 --> 00:38:01,130
Was it budgeted to spend a million, whatever, and then $2 million, and then the only rate

449
00:38:01,130 --> 00:38:07,190
is $7 million or maybe $8,000, and we were expecting a transfer or something else to occur.

450
00:38:07,190 --> 00:38:10,470
but I have not seen the budget for the student project.

451
00:38:10,870 --> 00:38:14,190
We're in to determine where the rest of the proceeds

452
00:38:14,190 --> 00:38:15,870
they've come from, they've come in deficit.

453
00:38:16,710 --> 00:38:18,150
So, for such a special assistance,

454
00:38:18,390 --> 00:38:20,310
like Andy said, we'll come in and come in debt

455
00:38:20,310 --> 00:38:23,910
in the future, not come in the project in the current period.

456
00:38:24,970 --> 00:38:28,010
So, great appreciation of how that information should be.

457
00:38:29,010 --> 00:38:31,150
But I'm worried about that information as well.

458
00:38:31,430 --> 00:38:33,650
I don't have a poll on what I think I'm going to come into

459
00:38:35,290 --> 00:38:41,190
I don't recall where I was telling us that we went over a bunch and I guess if we weren't

460
00:38:41,190 --> 00:38:45,350
to have what on our wood, wouldn't we have the body to have talked about?

461
00:38:45,710 --> 00:38:46,270
Yeah, absolutely.

462
00:38:46,810 --> 00:38:48,010
I don't think so.

463
00:38:48,590 --> 00:38:52,410
I think that might mark our figure out here on that.

464
00:38:55,020 --> 00:38:56,420
Does that have anything to do with that?

465
00:38:56,620 --> 00:39:01,940
We wait for that second year to put that final up on and we never certify the levies until

466
00:39:01,940 --> 00:39:03,020
a year after.

467
00:39:03,020 --> 00:39:10,640
I don't think so, Steve. I think that's part of the award on the contract and got a move.

468
00:39:11,420 --> 00:39:15,480
One of the things that we should also take a look at is how all the bills were coded.

469
00:39:15,980 --> 00:39:20,900
We're all the bills coded to the proper fund. You know, if you added the mill and overlay

470
00:39:20,900 --> 00:39:27,060
to it and you coded it to the street project, you coded it, it got coded to the wrong fund.

471
00:39:27,060 --> 00:39:32,920
Yeah, because if you were using million overlaid dollars to do the added on work for the

472
00:39:32,920 --> 00:39:37,760
mill and overlays, you would have not issued the bond for that because you knew you had

473
00:39:37,760 --> 00:39:39,320
it in the budget and you were going to pay cash.

474
00:39:39,960 --> 00:39:45,200
So I think we should, I'll take a look back, look at how all of the expenses were coded to

475
00:39:45,200 --> 00:39:50,140
this fund and make sure that all of the expenses were appropriately coded or did they need

476
00:39:50,140 --> 00:39:54,100
to be moved over, you know, to the mill and overlay line item.

477
00:39:54,760 --> 00:39:55,180
You know what I mean?

478
00:39:55,180 --> 00:39:56,060
I won't give you any.

479
00:39:56,100 --> 00:39:56,200
Okay.

480
00:39:56,300 --> 00:39:57,040
We're going to look into that.

481
00:39:57,440 --> 00:39:57,720
Yep.

482
00:39:58,020 --> 00:39:58,860
I'll take a look at that.

483
00:39:59,160 --> 00:40:04,480
And we'll take a review of the expenses charged to that fund, and we'll make sure that

484
00:40:04,480 --> 00:40:05,920
everything is in the right place.

485
00:40:06,480 --> 00:40:14,300
Because we get out of the council approved using our capital fund money in addition to the

486
00:40:14,300 --> 00:40:15,500
$1.15 level.

487
00:40:15,640 --> 00:40:16,880
We've done that for two years in a row.

488
00:40:17,340 --> 00:40:17,440
Yep.

489
00:40:17,760 --> 00:40:17,980
Okay.

490
00:40:17,980 --> 00:40:21,500
Okay, so there's a transfer as well if you're sick and potentially shouldn't happen

491
00:40:21,500 --> 00:40:23,960
in to that harm that I already done so.

492
00:40:24,620 --> 00:40:28,760
Some of them don't seem to be in as much after you're actually really improving.

493
00:40:29,120 --> 00:40:35,480
So, Carl Greenfield is a sidewalk project, you know, from ten to many years ago.

494
00:40:36,140 --> 00:40:39,980
I think it was more...

495
00:40:41,820 --> 00:40:43,180
Yeah, all out of all.

496
00:40:45,720 --> 00:40:49,080
But that might have been absolutely, but I don't know where I'll go.

497
00:40:49,980 --> 00:40:54,140
But if I was discussing with some of that, well, actually, we're not discussing one of these.

498
00:40:54,260 --> 00:40:55,700
So we're going on with that.

499
00:40:55,880 --> 00:40:56,660
That would be close.

500
00:40:57,780 --> 00:40:58,180
Okay.

501
00:40:58,340 --> 00:40:59,340
Is it a certain time?

502
00:40:59,700 --> 00:41:01,820
I think in their bodies, it's sort of like that.

503
00:41:01,900 --> 00:41:03,120
We are sure we'll take in.

504
00:41:03,360 --> 00:41:03,680
All right.

505
00:41:04,040 --> 00:41:04,660
All right.

506
00:41:10,110 --> 00:41:10,570
All right.

507
00:41:10,570 --> 00:41:22,150
I think there is an outstanding interfund loan between the Goldgrass and Stiff District and the EPA fund that needs to be resolved at some point.

508
00:41:22,590 --> 00:41:24,850
It's been on the books for several years now.

509
00:41:27,430 --> 00:41:35,610
And then the last point on the slide, we really covered that already just to ensure that

510
00:41:35,610 --> 00:41:39,590
that that service on their property was properly levied for.

511
00:41:53,790 --> 00:42:00,270
So at this point in time, council should make a motion to accept the preliminary audit

512
00:42:00,270 --> 00:42:07,550
as presented and authorize staff to work on the remaining issues so we can get it finalized

513
00:42:07,550 --> 00:42:11,610
and to the State Auditor's Office before our June 30th deadline.

514
00:42:12,210 --> 00:42:16,790
So if you accept it as preliminary, as presented,

515
00:42:17,110 --> 00:42:21,390
and with the direction to staff to be able to finish it up

516
00:42:21,390 --> 00:42:25,070
and correct any accuracies or deficiencies,

517
00:42:25,410 --> 00:42:29,110
then we can go ahead and file finish the reporting and get that done.

518
00:42:29,710 --> 00:42:30,690
I will make that motion.

519
00:42:35,210 --> 00:42:36,570
Any other comments?

520
00:42:39,030 --> 00:42:41,870
Here again, all in favor of second public, say hi.

521
00:42:42,770 --> 00:42:42,850
Hi.

522
00:42:43,490 --> 00:42:43,710
Close.

523
00:42:45,130 --> 00:42:47,230
Thank you again, Andy, for all the good work.

524
00:42:47,670 --> 00:42:47,890
Thank you.

525
00:42:48,010 --> 00:42:49,610
Well, this is you and June, rather than October.

526
00:42:51,230 --> 00:42:51,930
That's better.

527
00:42:53,970 --> 00:42:54,410
That's better.

528
00:42:54,410 --> 00:42:55,410
I'm going to make it from blue.

529
00:42:56,310 --> 00:42:57,650
So did you get one of those?

530
00:42:58,090 --> 00:42:58,230
Thank you.

531
00:42:59,110 --> 00:43:00,570
I just want to make sure I can be.

532
00:43:00,710 --> 00:43:01,270
Just a few.

533
00:43:01,610 --> 00:43:02,230
Enjoy it.

534
00:43:02,330 --> 00:43:02,970
I do.

535
00:43:03,390 --> 00:43:03,730
Okay.

536
00:43:04,150 --> 00:43:04,530
Just a few.

537
00:43:04,770 --> 00:43:04,950
Thank you.

538
00:43:06,850 --> 00:43:07,330
Okay.

539
00:43:07,890 --> 00:43:08,910
Step off the comment.

540
00:43:09,350 --> 00:43:10,790
Is there any questions or comments

541
00:43:10,790 --> 00:43:12,810
with any of these questions?

542
00:43:12,910 --> 00:43:14,430
Or if you want to answer them directly?

543
00:43:15,110 --> 00:43:15,410
Please.

544
00:43:16,210 --> 00:43:17,650
I'm really taking questions.

545
00:43:18,090 --> 00:43:19,110
Step off the comment.

546
00:43:22,070 --> 00:43:23,290
Just thank you, Dr.

547
00:43:23,290 --> 00:43:24,290
Thank you.

548
00:43:28,250 --> 00:43:28,610
Thank you.

549
00:43:28,610 --> 00:43:28,790
Thank you.

550
00:43:29,190 --> 00:43:29,490
Thank you.

551
00:43:29,490 --> 00:43:30,070
Thank you.

552
00:43:30,070 --> 00:43:30,650
Thank you.

553
00:43:33,790 --> 00:43:34,230
Okay.

554
00:43:34,850 --> 00:43:38,610
Now we're going to move on to the visioning session.