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ADJOURNED CITY COUNCIL MEETING <br />MAY 299 1996 <br />In accordance with notice duly and legally given, an Adjourned Regular Meeting of the City <br />Council of the City of Colton was held on the above given date at 4:36 p.m., in the Council <br />Chambers of City Hall, Mayor Fulp presiding. <br />FLAG SALUTE: <br />Mayor Fulp led the assembly in the Pledge of Allegiance. <br />ROLL CALL: <br />Present were Councilmembers Hutton, Councilmember Cook, Councilmember Bennett, <br />Councilmember Sanders, and Councilmember Beltran, and Mayor Fulp. Also present were City <br />Attorney Biggs, City Manager Martinez, and City Clerk Freeman. <br />MAYOR AND COUNCIL ITEMS <br />Reduction in Electric Utility Power Cost <br />Mayor Fulp announced this will be discussed after the presentation of the Financial Activity <br />Report and the 1994-95 Audit Report. <br />Cash Audit of City Departments and Enterprises <br />CM Bennett requested this item be covered after review of the 1994-95 Audit Report. <br />STAFF REPORTS <br />FINANCE DIRECTOR'S REPORTS AND RECOMMENDATION <br />Financial Activity E=ort for 1995-96 <br />Motion/second by CM Beltran/Bennett to defer this item until the June 4,1996 City Council <br />meeting. Unanimous vote. <br />Audit Report for 1994-95 <br />Finance Director Anna Vega and Patricia Reese, Moreland & Associates Consultant, presented <br />an overview of the Redevelopment Agency Audit Report. <br />Discussion continued with clarification provided by staff. <br />Finance Director Vega clarified for Council that administration funding is not revenue- <br />producing. She explained the reserved fund balance and undesignated fund balance. The cash <br />$541,350 is designated for debt service; however, in the capital projects fund, $3.5 million is in <br />