CC Minutes 04/11/2005 - Laserfiche WebLink

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City Commission Meeting April 11, 2005 Page 10 Staff Presentation: Mr. Dan O'Keefe, City Auditor, gave a presentation regarding the Comprehensive Annual Financial Report for the City for fiscal year 2004. Staff Recommendation: Accept the Comprehensive Audit Report for Fiscal Year 2004. MOTION: Moved by Commissioner Linda Hart for approval of Resolution 05-1568 accepting the Comprehensive Annual Financial Report for Fiscal Year 2005. The motion was seconded by Commissioner Hufford and carried unanimously by voice vote. (5 - 0). C. Resolution 05-1569 - Modification of Water and Sewer Reserve Fund Policv The City Clerk read Resolution 05-1569 by title as follows: "A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF CASSELBERRY AMENDING THE RESERVE FUND BALANCE POLICY; PROVIDING FOR CONFLICTS, SEVERABILITY AND EFFECTIVE DATE." Staff Presentation: Resolution 05-1569 amends the Water and Sewer Reserve Fund Policy to increase the reserve two percent (2%) each year till a maximum oftwenty-five (25%). The incremental increase will take five (5) years until the maximum twenty-five (25%) is reached. Anything over excess reserve will be transferred to the General Fund. The General Fund Reserve Policy will remain at twenty-five percent (25%) of the budgeted operating expenses. Staff Recommendation: Approval Commissioner Cook expressed concerns with totally eliminating the original Excess Funds Allocation Policy that was established in 1994. The new Policy eliminates the c.P.I. rate changes and opens the door for water rate increases. She did not object to increasing the Reserve Fund Balance. The City Auditor stated that the adoption of this policy would not have a direct impact on water rates. The City Manager stated that over the long term, the new Reserve Fund Policy will yield more stability in water rates in the Utilities Fund and more flexibility with a stable rate of return in the General Fund. MOTION: Moved by Commissioner Susan Doerner for approval of Ordinance 05-1569 amending the Reserve Fund Balance Policy as presented. The motion was seconded by Commissioner Colleen Hufford and approved unanimously by voice vote. (5 - 0). D. Seminola Boulevard Wastewater Corridor Studv and Associated Fundinl! ODtions Staff Presentation: Terry Zaudtke with CPH Engineers gave a presentation regarding the Seminole Boulevard Sewerage Study that was approved by the City Commission in November of2004. The objective of the study was to determine the feasibility of extending sanitary sewer to properties along Seminola Boulevard, approximately 3,800 lineal feet, from Winter Park Drive to Murphy Road. Mr. Zaudtke gave a power point presentation (attached to and made a part of these minutes) that outlined alternatives and costs for the improvements. The alternatives and costs recommended by CPH are as follows: