1996 ADJ MIN FEB 13 - Laserfiche WebLink

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ITEM 8 - CONTINUING REPORT ON CFD 90-1 SHORTFALL (Item No. 21, Agenda of February 6, 1996) City Treasurer Mike Williams indicated that the CFD 90-1 was going to be reported on a quarterly basis; therefore, there was no report at this time. ITEM 9 - CITY TREASURER'S PORTFOLIO MASTER SUMMARY FOR DECEMBER 31, 1995 (Item No. 22, Agenda of February 6, 1996) City Treasurer Williams reported the Treasurer's Portfolio was now at $20 million. Council Member Hutton asked Mr. Williams if the $20 million included Redevelopment Agency funds and Community Facilities District funds. City Treasurer Williams replied this amount included all funds. Council Member Bennett asked if the 3 million received from the County was included. City Treasurer Williams said it did. Council Member Hutton asked if the 17 million issued from the Electric Utility was a part of this portfolio. City Treasurer Williams said those funds were separate. City Treasurer Williams said that the daily flow of the enterprise funds was the responsibility of the Finance Department and that his role was to invest and manage the cash pool. FINANCE DIRECTOR'S REPORTS AND RE OMMENDATION ITEM 10 - STATUS REPORT ON CLOSING YEAR AND FISCAL YEAR AUDIT PROCESS (Item No. 23, Agenda of February 6, 1996) Finance Director Anna Vega reported on the audit standings for closing fiscal year 1994/95 and fiscal year 1994/95. Finance Director Vega said she met with the senior auditor for Rancho Med and as of February 2, he and his team had spent 176 auditing hours, resulting in a cost of a little more than $10,000. Finance Director Vega said they also worked on property tax reconciliation and the set -asides (Redevelopment), so the total for both is 231 hours. Twenty hours were also spent on reconciling state revenue and miscellaneous payroll at a cost of $800. Ms. Vega said they were also looking into various unidentified items still on the books and advised that the accountants estimate the inquiry should take approximately 160 hours, at a cost of an additional $7,200. Motion by Council Member Hutton, seconded by Council Member Cook and carried by unanimous vote to approve staff recommendation to complete the audit. City Attorney Biggs advised that this was not an action item and that if City Council wished to proceed on the additional expenditure that City Council could elect to add the item upon unanimous vote. After further discussion, Council Member Hutton withdrew his motion and Council Member Cook City Council Minutes - February 13, 1996 Page 2