1996 ADJ MIN MAY 29 - Laserfiche WebLink

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cash, and a fund balance of $18 million, $15 million of which is reserved, $2.4 million is available for appropriation, and unrestricted. Lily Cerritos, Moreland & Associates Consultant, advised Council that the total accumulated deficit of the City of Colton as of June 30, 1995 is $8,229,104. Finance Director Vega reported total borrowings is $8.8 million and fund balance is $8.2 million deficit position. CM Hutton asked where the revenue is shown from the utility user's tax collected since April 1995. Ms. Reese advised City Council that the $347,000 of revenue for two months is included in the budget. CM Hutton requested in the final report this money be segregated out as a separate line item. Ms. Cerritos said this would be done. CM Hutton asked that the interfund loans be identified, listing where they were loaned from, transferred into which account, and on what date. Ms. Reese added it was listed in their letter as a supplemental item rather than a separate line item. CM Hutton requested the accountants make a footnote identifying this information in the report. Mayor Fulp suggested staff provide his information instead of paying Moreland & Associates to provide this detail. Steve Anderson, Colton resident, felt it would be good to have the auditors oversee and approve the breakdowns and footnotes concerning the detail, rather than leave it to staff alone. Without objection from Council, Mayor Fulp directed staff to finalize the audit, including management statement. City Manager Martinez responded that this would be included in the Agenda for June 4, 1996 for Council approval. CITY TREASURER'S ITEMS Treasurer's Report for March 31,1996. City Treasurer Michael Williams presented the Treasurer's Report for March 31, 1996. City Treasurer Williams was asked about the report for April 1996 and he responded that the statements were not available order to complete the April report. City Manager Martinez suggested after the audit is accepted in to the record at the June 4, 1996 Council Meeting that staff prepare an annual report of accomplishments for the last year, including easily understood financial statements. MAYOR AND COUNCIL ITEMS Discussion and Possible Action fora Cash Audit CM Bennett asked Moreland & Associates to explore further as to what the City of Colton can do to rectify undesirable budget situations. Ms. Reese provided information. 2