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October 28, 2014 Page 3 of 4 Public Hearing None Council Business 1. Consideration of Acceptance of Interim Financial Statements for the Third Quarter of 2014. Report No. 14 -266. City Manager Lotter indicated Finance Director Davitt would be presenting this item to the Council. Finance Director Davitt stated in an effort to keep the Council informed on the City's fiscal condition, a comparison of the 2014 revenue and expenditures for the period ending September 30, 2014 (unaudited) has been drafted. The comparison includes those programs and services that constitute the City's core functions and for which changes in financial trends can have a near -term impact on the ability to maintain current service levels. Programs such as debt service and tax increment financing which are governed by pre-existing obligations are restricted revenues are not shown. In addition, expenditures in the City's Fleet and Non -Fleet programs are not shown as these expenditures are specifically tied to pre- funded asset replacement funds. These replacement funds are not susceptible to year -to -year fluctuations and therefore annual reviews are considered sufficient. The information presented was on a cash basis which measures only the actual revenues that have been deposited and the actual expenditures that have been paid. This is in contrast with the City's audited year -end financial report which attempts to measure revenues earned but not collected, as well as costs incurred but not yet paid. It should be noted that many of the City's revenue steams such as property taxes, are non - recurring or are received intermittently throughout the year. This can result in wide revenue fluctuations from month to month In addition, some of the City's expenditures such as capital replacements are also non - recurring and subject to wide fluctuations. To accommodate these differences, a comparison is made to historical results to identify whether any new trends exist. Staff provided the Council with a General Fund Summary and recommended approval of the Third Quarter Financial Statements for 2014. Councilmember Bauman thanked Finance Director Davitt for her comprehensive report. Councilmember Jacobsen agreed stating the report was easy to follow. Councilmember Burg thanked staff for sharing this important financial information with the Council. Mayor Jacobsen believed the information provided by staff would assist the Council in making informed future financial decisions. Motion by Councilmember Jacobsen, seconded by Councihnember Burg to accept the Third Quarter 2014 Interim Financial Statements. 5 Ayes, 0 Nays - Motion Carried Commission Liaison Reports, Announcements and Updates Dean Lotter City Manager Lotter reported Terry Harstad has been hired as the new City Clerk. Ms. Harstad would begin working for the City next week. In addition, an office assistant was hired and would be joining the City on November 3rd. He explained the City hired Jim Beaman was hired as the City's Forester. He stated he would be in court all day Thursday with Director Wyffels addressing the Army issue. He would provide the Council with an update on this matter on Friday. All residents were encouraged to vote on November 4th, or at City Hall during business hours Wednesday, Thursday, Friday, Saturday (morning) and Monday. Gina Bauman Councilmember Bauman reported the Planning Commission met on October 21St to discuss a request for additional antennas from T- Mobile. The Commission voted unanimously to Public Hearing Council Business 1. Consideration of Acceptance of Interim Financial Statements for the Third Quarter of 2014. ReportNo. 14- 266. Commission Liaison Reports, Announcements and Updates