Res 1978-014 - Laserfiche WebLink

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I I I 370 Page Three Armual Audit January 27, 1978 CEmetery Perpetual Care fund : $166,353 Interest and Sinking FUnd: $6,116 Capital Prdjects fund: $154,185 Library Memorial Fund: ($441) deficit There are several changes that I intend to make in the financial process and several that I will shortly ccrne to the Council forpennission to do. These include: 1. At the present time we have revenue sharing in both the revenue sharing fund and the general fund. Under some poor advice fran federal officials we decided to put the !lX)ney in the general fund this year. It is my intent t<;J put all money back into the revenue sharing fund to make it easier to account for. 2. I will ask the Council for permission to establish a separate account to cover our liability for ooth un6llPloyment canpensa.- tion and tenninal vacation and sick leave. This fund will be replenished as a budget itEm each year and these amounts will no longer cane out of individual department budgets. Not only will this give a truer picture of our departmental costs, but it will set aside funds to meet a liability we have. I will recarrnend that $40,000 be transferred fran the General FUnd Reserve for this p.u:pose. We will keep track of our expenses over time and add to the fund .each year to keep it intact. 3. I will request authority fran the council to transfer $54,796 to the debt service fund in the Utility Fund. We should be maintain- ing these funds under the tenus of our bond sales. There is no problEm with not keeping these funds at the proper level, if we always make our payments. However, if any possibility exists in the near future that we will seek to sell bonds and improve our bond rating, the oond rating services will frown on this deficit. The $54,796 ~)Uld be taken fran the $100,000 that the Council authorized to be transferred to the utility Fund. 4. Although the utility Fund budget for 1976-77 ran short the fund itself still has a balance of almost $50,000 I wouldnreccmnend not transferring the $44,184 to balance the 1976-77 budget, but instead have the utility fund stand on its own as IlU1ch as possible. (The exception being Camlunity Developnent funds, grants or special grants fran the general fund.) This VoDuld leave $45,204 in the General fund out of the $100,000 proposed to be transferred.