02251985 Regular Meeting - Laserfiche WebLink

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119 d5 Regular Meeting February~, 1985 Page 2 Mayor Craddock opened the public hearing and asked if anyone wished to speak in favor of the zoning request. Jake Krauskopf, representing the owner of the property, Harwood Puett, advised the Council the owner was requesting zoning of MF-5 rather than MF-4. When the zoning matter went before the Zoning Commission approximately ten months previously, the Zoning Commission approved D zoning, and when the Zoning Ordinance was amended in June, 1984, all zoning D trans- ferred to MF-4, but the owner needs MF-5 to build his project. No one else wished to speak in favor or in opposition to the zoning request, so Mayor Craddock closed the public hearing. City Attorney Hankins advised the Council since the Zoning Commission had recommended D (MF-4) , it might be proper for the Council to approve by a three- quarter's vote of approval if the Council was going to consider MF-5. Mr. Farr moved for approval of the Ordinance on first reading and for the Ordinance to be amended to MF-5 as requested by the owner. Mr. Coddington seconded the motion. Mr. Brown asked Mr. Robbins if the Staff had concerns for the traffic in that area. Mr. Robbins stated he did not think this project would critically impact the traffic flow in the area and that the City is working with the State to resolve traffic concerns of the area. The Council voted unanimously for ap- proval of the Ordinance on first reading. Mayor Craddock introduced for consideration approval of the Annual Financial Report of Harold V. Simpson and Company for the October 1, 1983 through September 30, 1984 fiscal year. Don Laine and Gary Davis reviewed the audit report with the Council. Mr. Laine stated the Gen- eral Fund Balance had increased to $2,827,691; $7,400,000 of the City's operating cash balances is placed in interest bearing accounts; and additionally $7,300,000 of bond proceeds is in interest bearing ac- counts within the Utility Fund. The City's ratio of net bonded debt per capita is presently $26.15, and if the City issues $3,200,OQO in General Obligation Bonds in the 1984-85 fiscal year, the City's debt per capita will increase to about $122.00. The City's sales tax re- ceipts have increased to $1,535,273 (17% increase over previous year). Interest earned on bond proceeds totaled $428,000 and on operating funds totaJ.,ed $686,000, which totaled $1,114,000. The Water and Sewer Fund at year's end totaled $1,210,294, resulting in a bond coverage ratio of 2.97% in 1984 compared to 3.46% in 1983. The City once again re- ceived the Certificate of Conformance in Financial Reporting for the fiscal year ended September 30, 1983, awarded by the Governmental Finance Officers Association of the United States and Canada (GFOA). Because of this certification, there will be a savings in interest of $250,000 in the City's $5.8 million bond issue over the life of the bond issue (approxi- mately one-fourth of 1%). Mr. Laine stated the City needed to revisit the water and sewer study to get a better hold on the rate structure, but that he did not think a rate increase would be needed. Mr. Davis then reviewed with Council Harold V. Simpson & Company's letter of January 15,1985 to the Council addressing areas needing improvement: purchase order system, bid procedures, fixed assets and inventory. Mr. Guerra asked Mr. Gonzalez what the City was doing to correct these er- rors, which had previously been pointed out to the City, and Mr. Gonzalez stated the concern for emergency repairs in the field (purchase order system) were being addressed. Mr. Laine stated one solution would be to telephone in the need for a requisition in the field. Mr. Laine ended his report by stating the City is in excellent financial condi- tion. Mayor Craddock advised the Council would receive a report from the Citi- zens Advisory Committee (a) recommending extension of the River Moratorium from March 11, 1985 to June 11, 1985 and (b) recommending Moratorium in the Sessom Drive wastewater main service area. Berry James of the Citizens Advisory Committee reviewed the letters to Council dated February 8 and 19 regarding the recommendations and stated the Committee would be holding public meetings March 13 and 20 to receive citizen input and that the Committee would try to bring an Ordinance to protect the River to the Council by the second meeting in April. Mr. Gonzalez stated the area being considered is the 100-year flood plain after all five dams are