The City received a clean bill of health from City Auditor John Morris for the 2004/2005 fiscal year ending April 30, 2005 at the city council meeting Mondaynight.  Morris said that the City of Minonk is financially sound. He said the report is totally changed due to reporting requirements as set forth by the American Institute for Certified Public Accountants and for the governmental agencies that receive these reports try to get everything in a uniform cycle.   

Morris said Standard 34, which requires infrastructure and debt to be now reported, is a departure from the pure cash basis that we have reported.  This report will give a more concise picture as to the overall financial position of the City. 
 

Highlights of the audit are as follows:

 Total revenues----$2.1 million

 Total expenses----$1.8 million

 Net change in assets----$316,540

 Total assets of City----$7.5 million

 Assessed valuation(2003 Levy Year Payable in 2004)----$20,456,960

 Total City debt----$1,096,325

Sale of Land

Three separate parcels of land were approved to be sold by the council.  Ttwo of the parcels are in the 50 feet by 400 feet right-of-way between Mike Gerdes’ property on Oak Street and Rick Uftring’s property on Chestnut Street.   

The council approved the sale of land 40 feet by 400 feet (16,000 square feet) on Oak Street to Mike Gerdes with the stipulation that no buildings can be constructed on the property. The City has a storm sewer that runs underneath the property for a portion of the entire length and the same stipulation is put on the second ordinance.   The selling price for theparcel is $0.10 per square foot for a cost of $1600.00.

Rick Uftring is to purhase the other parcel which is 10 feet wide by 400 feet long (4000 square feet) with the stipulation that no buildings can be constructed on the property.  The selling price for this parcel is $0.10 per square foot for a cost of $400.00

The third parcel is a 20 feet by 75 feet (1500 square feet) parcel at the end of Rick Uftring's property on Chestnut Street and is being sold to Rick Uftring   This will square up his lot with the proposed Third Street extension from Oak Street to Chestnut Street.  Since the property can be built on the selling price is $0.60 per square foot for a cost of $900.00

Truth in Taxation Hearing

City Administrator Trent Smith said as required by law, under the Truth in Taxation Act, the City must announce its projected property tax levy at a public hearing if it will be 105%, or more of the previous year’s operating levy.  A motion of a majority of the City Council should approve the announcement and estimate.

Last year’s property tax extension for operating funds was $320,246.  This year’s operating funds levy request is $368,659 or a 15.1174% increase in actual monies requested.  This increase is a factor of keeping the tax rate consistent while the assessed valuation of the properties continues to increase.  Smith said the tax rate has actually dropped in previous years.

The city's taxable assessment has increased 9.28% in spite of an owner occupied exemption increase from $3500 to $5000 and a homestead exemption increase from $2000 to $3000.  This means that the new homes and businesses are being included in the assessment thus spreading out the tax burden. 

While the revenues and expenditures have increased over 15%, the actual total tax rate has only increased 5.34% in operating and only 3.65% in total.  This is mostly due to increases in liability insurance costs, audit costs and ambulance costs combined with the cost of living increases.

City expenditures are 113.261% of the previous year, but this DOES NOT MEAN that taxes are going up 13.261%.  The assessment has also increased.  The actual tax rate is only going up 3.65%.  The taxation ordinance has to be passed by the end of the year or the city cannot levy a tax and that will be acted upon at the next meeting on December 5, 2005.

Smith said a second public hearing (only one is required) will be held to let everyone have a chance to express comments.  The next hearing will be at 6:30 p.m. on December 5, 2005 and it will be advertised in the November 24, 2005 issue of the Woodford County Journal.

Mayors Comments

The mayor invited everyone to the parade of lights that will be held on Saturday December 3, 2005 and hopes that a number of floats can be displayed in Sutton’s Park.

City Administrator Comments

 City brochures are finished and look great.

 Thanked Woodford County for their financial assistance through their small communities grant program.

 Public Works have been busy picking up leaves, repairing fire hydrants and generally just preparing the city for the winter season.

 Have been preparing for the parade of lights.

 City’s float will be displayed in Sutton’s Park.

 City has advertised for a full time EMS (Ambulance) Chief.

 Zoning board public hearing will be held at 6:00 p.m. on December 5, 2005 to hear public comments on an amendment to the zoning ordinance.

 A second Truth in Taxation public hearing will be held on December 5, 2005 at 6:30 p.m.

 I will be making arrangements for our annual Christmas celebration for all city council, employees and volunteers.