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CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of JUNE 23, 1997 <br />TO: Honorable Mayor and City Council ! <br />APPROVAL: -Gracie Harmon, Acting City Manager <br />FROM: Anna A. Vega, Finance Director(�— <br />SUBJECT: June 17, 1997 Agenda Item No. 9 <br />DATE: June 19, 1997 <br />BACKGROUND <br />On June 17, 1997 the City Council deferred this item to the meeting of June 23, 1997. <br />This item was deferred for the purpose of obtaining additional information. <br />DISCUSSIONIANALYSIS <br />Attached is the June 30, 1996 audit page 90 & 91 entitled "Combining Balance Sheet". <br />The audit combines the Cemetery operation and the Cemetery endowment fund. After <br />combining both funds, the Cemetery had to borrow an additional $163,918 from the <br />Electric fund. <br />Y- Page 35, attached, is the Cemetery Endowment fund trial balance as of May, 1997. <br />This trial balance reflects total assets of $380,841.61. In addition, $375,818.76 is <br />stated as "Due from Other Funds" (i.e. Cemetery). <br />Page 32 is the trial balance for the Cemetery operation. This page reflects <br />$539,737.16, ($375,819 Endowment and $163,918 Electric) "Due to Other Funds." <br />Revenues, Expenditures and Encumbrances are boxed on the trial balance sheet. This <br />provides information regarding the Cemetery status as of May, 1997. They are as <br />follows: <br />Revenues $112,709.87 <br />Expenditures 161,629.53 <br />Encumbrances 3,773.07 <br />In addition, "Adv From Other Funds" denotes the $25,989 advance approved by the <br />City during fiscal year 1996-97 budget process. <br />FINANCIAL IMPACT <br />The Cemetery Commission is aware that the Cemetery is operating at a deficit <br />according to Mrs. Delgado and Mrs. Barrera, Cemetery Administrators,. Cemetery <br />Commission quorum's have been a problem, however, per Mrs. Barrera the <br />Item No. 3 <br />