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October 24 , 2017 Page 3 of 6 <br /> <br />Motion by Councilmember Burg, seconded by Councilmember Jacobsen to approve the Consent <br />Agenda as amended removing Item 10. <br /> <br />5 Ayes, 0 Nays - Motion Carried <br /> <br />Public Hearing <br /> <br />None. <br /> <br />Council Business <br />1. Consideration to accept the 3rd Quarter Interim Financial Statements. <br /> <br />Motion by Councilmember Jacobsen, seconded by Councilmember Burg to accept the Third <br />Quarter 2017 Interim Financial Statements . <br /> <br />City Manager Lotter indicated Finance Director Davitt would be presenting this item to the Council. <br />Finance Director Davitt explained in an effort to keep the Council informed on the City’s fiscal <br />condition, a comparison of the 2017 revenues and expenditures for the period ending <br />September 30th, 2017 (unaudited) were being presented. She discussed a comparison showing <br />programs and services that constitute the City’s core functions for which changes in financial <br />trends can have a near-term impact on the ability to maintain current service levels . Programs <br />such as debt service and tax increment financing which are governed by pre -existing <br />obligations and restricted revenues are not shown. In addition, expenditures in the City’s Fleet <br />and Non-Fleet programs are not shown as these expenditures are s pecifically tied to pre-funded <br />asset replacement funds. These replacement funds are not susceptible to year -to-year <br />fluctuations and therefore annual reviews are considered sufficient. <br />Finance Director Davitt reported the information is presented strictly on a cash basis which <br />measures only the actual revenues that have been deposited and the actual expenditures that <br />have been paid. This is in contrast with the City’s audited year -end financial report which <br />attempts to measure revenues earned but not colle cted, as well as costs incurred but not yet <br />paid. <br />Finance Director Davitt explained it should be noted that many of the City’s revenue streams <br />such as property taxes, are non-recurring or are received intermittently throughout the year. <br />This can result in wide revenue fluctuations from month to month. In addition, some of the <br />City’s expenditures such as new capital purchases are also non-recurring and subject to wide <br />fluctuations. To accommodate these differences, a comparison is made to historical results to <br />identify whether any new trends exist. Staff reviewed the City’s fund balances in detail with <br />the Council and recommended approval of the 3 rd Quarter financial statements. <br />Councilmember Burg thanked staff for the thorough report. She appreciated the fact residents <br />were working to conserve water and commented on the City’s expenses for its water system. <br />Mayor Johnson requested staff speak with the Army to see if the water flushing expense could <br />be covered by the Army. <br /> <br />5 Ayes, 0 Nays-Motion Carried <br /> <br />2. Resolution Supporting the Mounds View School District Referendum. <br /> <br />Motion by Councilmember Strub, seconded by Councilmember Burg to adopt a Resolution <br />Supporting the Mounds View School District Referendum. <br /> <br />City Manager Lotter explained this Resolution was placed on the agenda at the request of Neighbors United. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Pu blic Hearing <br /> <br /> <br /> <br /> <br />Council Business <br />1. Consideration to <br />accept the 3rd Quarter <br />Interim Financial <br />Statements. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />2. Resolution Supporting <br />the Mounds View School <br />District Referendum. <br /> <br /> <br /> <br /> <br /> <br />