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October 27, 2020 Page 4 of 7 <br />5 Ayes, 0 Nays - Motion Carried <br /> <br />The Public Hearing was closed at 7:03 p.m. <br /> <br />Motion by Councilmember Allen, seconded by Councilmember Dunsworth to adopt the assessment <br />resolution contained in the 2020 Special Assessment Report, Project 19-1, 2019 Street <br />Rehabilitation. <br /> <br />Councilmember Allen thanked the residents for bringing forward their concerns this evening. He explained <br />New Brighton does its best to offer one of the lowest assessments rates for its residents. <br />Mayor Johnson thanked the residents in this project area for being patient throughout the reconstruction <br />process. <br /> <br />A roll call vote was taken. <br /> <br />5 Ayes, 0 Nays-Motion Carried <br /> <br />Council Business <br />1. Consider 3rd Quarter 2020 Interim Financial Statements. <br /> <br />Motion by Councilmember Jacobsen, seconded by Councilmember Allen to accept the Third <br />Quarter 2020 Interim Financial Statements. <br /> <br />City Manager Massopust indicated Interim Finance Director Smith would be presenting this item to the <br />Council. <br />Interim Finance Director Smith stated in an effort to keep the Council informed on the City’s fiscal <br />condition, a comparison of the 2020 revenues and expenditures for the period ending <br />September 30, 2020 (unaudited) was provided. The comparison shown includes those <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 specifically 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. The information is <br />presented on modified cash basis accounting method, which means only the actual revenues <br />that become available and measurable, and expenditures are recognized in the period the <br />liability is incurred. It should be noted that many of the City’s revenue streams such as <br />property taxes, are non‐recurring or are received intermittently throughout the year. This can <br />result in wide revenue fluctuations from month to month. In addition, some of the City’s <br />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. The third quarter utility fund balances were <br />discussed. Staff commented further on the third quarter interim financials, noting the variance <br />from the actual budget with the Council and recommended approval. <br />Councilmember Jacobsen indicated he was very proud of how the City and staff had made adjustments to <br />manage its finances through the pandemic. <br />Councilmember Allen agreed stating the City had great forethought with respect to its finances. <br />Mayor Johnson agreed the City was showing it had healthy finances. She thanked Interim Finance Director <br />Smith for stepping up and filling in. <br /> <br />A roll call vote was taken. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Council Business <br />1. Consider 3rd <br />Quarter 2020 Interim <br />Financial 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 />