041089-Workshop SessionCity Commission, Sanford, Florida
April 10
19
89
The City Commission of the City of Sanford, Florida, met in Workshop Session in
the City Manager's Conference Room of the City Hall. in the City of Sanford, Florida, at
4:00 o'clock P. M. on April 10, 1989.
Present: Mayor-Commissioner Bettye D. Smith
Commissioner Whitey Eckstein
Commissioner Lon Howell
Commissioner Bob Thomas
Commissioner A. A. McClanahan
City Manager Frank A. Faison
City Clerk Janet R. Donahoe
Absent: City Attorney William L. Colbert
The meeting was called to order by the Chairman.
Christine Hill, Managing Partner of Coop-ers and Lybrand, Michael Aderholt and Ann
Greenman appeared to present the annual audit for Fiscal Year Ended September 30, 1988.
Ms. Hill stated the audit's report on the financial statements is an unqualified
opinion which is the result of their audit procedures and is very similar to audit reports
in the past; there were no major changes in reporting requirements in terms of types of
Reports required; that the report on the financial statements is somewhat different due to
auditing standards and was prepared by guidelines all CPA's.are required to follow. They
also felt that it was a "clean opinion", and they did not note any violations of bond
coverage. With regard to the financial statements, no budget overexpenditures were noted.
The general fund was intended to spend more than it took in, and that did happen, and was
not uncommon. Ms. Hill stated that as far as the enterprise funds were concerned., there
real problems, and that the water and sewer fund met its bond coverage in terms of
were no
rates.
Ms. Hill stated that there are significant changes in the Pension Disclosure;
that a standard technique or measurement called the Pension Benefit Obligation as shown on
Page 40 in the chart shows how our assets at this point measure up with this target of the
pension benefit obligation. This chart shows that the Police assets are over the
obligation and the Firefighters are under this obligation. Ms. Hill stated that the
liability is calculated in this manner, Firefighters don't have as much excess money
sitting in their fund as the Police Officers do; and that the fund can catch up in time and
close the gap in time. She stated it is not unusual for pensions, to show deficits and that
it was not cause for concern.
Commissioner Eckstein questioned if exposure with Sanford's Riverfront Properties
concerns Coopers and Lybrand. Ms. Hill stated that it is a risk but she was not overly
concerned about it. She explained that if they were in default with the lease payments.,
that the lease payments would be in jeopardy. The City has a mortgage lien, and if Sanford
Riverfront Properties went bankrupt, the City would have to make payments or resell the
building.
Ms. Hill stated that on page 75, their report indicates no instances of non-
compliance relating to Grant Programs.
The Chairman requested in future years, that the Commission receive the Audit a
few days in advance of their audit review meeting, to give each of them time to study it.
MINUTES
City Commission, Sanford, Florida
April 10
19 89
The City
and should be complete in the next two weeks.
The Chairman thanked Ms. Hill, Ms. Greenman and
professional presentation of the city's annual audit.
There being no further business, the meet.ing was adjourned.
Manager reported that the new utility billing system is almost in place
Mr. Aderholt for their
ATTEST;
y ~Cit~ Clerk
.AYOR