Minutes 12/11/2007 - Laserfiche WebLink

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December 11. 2007 3. The Council hereby approves and ratifies the formation by the Authority of Phoebus Square, L.P. and such limited partnerships, limited liability companies, or other legal entities as are and have been deemed necessary by the Authority to leverage federal and state tax credit and bond financing for development activities. Such approval shall not be construed to waive any applicable City permits, approvals, or requirements for any said activities. 4. This resolution shall take effect on the date of its adoption." Ayes: Heretick, Moody, Psi mas, Randall, D. Smith, R. Smith, Holley Nays: None 07 - 519 - Adoption of a motion accepting the Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2007. Vision Principle: A Robust and Prospering Economy. Background: . The City's Finance Department annually prepares the Comprehensive Annual Financial Report (CAFR), and the City's external auditors perform an annual, independent audit of the same. The City's current external auditors are Cherry, Bekaert & Holland (CB&H). . The external auditors have completed their audit of the CAFR for fiscal year that ended on June 30,2007, which we distributed to City Council members in November. Discussion: . CB& H completed the audit in a timely manner and issued a clean audit opinion with no material or other reportable weaknesses. . General Fund highlights are as follows: o Total fund balance is $40.5 million, a decrease of $2.3 million from the prior year o Cash and temporary investments totaled $16 million o Budgetary results: · Actual revenues of $194.7 million were $2.8 million under final budgeted estimated revenues of $197.6 million. The aggressive budgetary estimates for machinery and tool tax, sales and use tax, and administrative fees account for this shortfall. · Actual expenditures of $194.1 million were $1.2 million under final appropriations of $195.3 million. All functions were under budget with the exception of public safety, which was over budget by $703K. The overages in the Police and Fire departments are attributed to increased personnel-related expenditures. Financial Impact: . Entity-wide net assets totaled $357 million, an increase of $11 million from the prior year. Although the City's General Fund UndesignatedlUnreserved Fund Balance decreased by $339,652, this fund balance this represents 17.4% of the City's total revenues and transfers, which exceeds our target goal of 15%. Staff Recommends: . Adoption of motion accepting the 2007 CAFR and authorize its distribution. Vision Principle: A Robust & Prospering Economy Next Steps Following Council Action: . The CFO will distribute the 2007 CAFR, and he will post the same on the City's website. Motion by Ms. Randall, and seconded by Mr. R. Smith, to accept the Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2007, and was adopted by the following vote: Ayes: Heretick, Moody, Psi mas, Randall, D. Smith, R. Smith, Holley Nays: None