HomeMy WebLinkAbout129-04RESOLUTION NO. 129'2004
ACCEPTING THE FISCAL YEAR 2003-04 AUDITED COMPREHENSIVE ANNUAL
FINANCIAL REPORT FOR THE TOWN OF DANVILLE
WHEREAS, the Town of Danville's independent aUditor has completed its annual
examination of the Town's financial statements and has issued a draft report with an
unqualified opinion as to their accuracy; and
WHEREAS, the audited financial statements have been combined with introductory and
statistical information into the Town's Comprehensive Annual Financial Report; and
WHEREAS, the Finance Committee and the Town Council have reviewed the draft
Comprehensive Annual Financial Report; now, therefore, be it
RESOLVED, that the Danville Town Council accepts and approves the Fiscal Year 2003-04
audited Comprehensive Annual Financial Report as presented in the Draft Comprehensive
Annual Financial Report with the following changes:
· A payment of $2,909,790 from the CDA to the General Fund be made in partial
payment of the outstanding loan from the General Fund,
· Changes to the General Fund fund balance include:
o An additional $2,000,000 be designated as operating reserve,
$400,000 be designated for the Pavement Management Fund,
o An additional $267,395 be designated for the Civic Facilities Fund and,
o An additional $267,395 be designated for the Park Facilities Fund
The Employee Cost designation of $25,000 be removed, and; be it further
RESOLVED, that the Fiscal Year 2003-04 CAFR reflect that the five year Emergency
Reserve, previously valued at $557,415, be reallocated by transferring $250,000 'to the
Reserve for Compensated Absences and $307,415 to the Operating Reserve, and; be it
further
RESOLVED, that the Fiscal Year 2003-04 CAFR reflect that the Utility Reserve - Electric,
previously valued at $100,000, be removed, and; be it further
RESOLVED, that the following amounts, inclusive of the above mentioned changes, be
designated as reserves against the General Fund as of June 30, 2004, and appropriated as
Operating Transfers during Fiscal Year 2004-05:
· $400,000 for Pa3rement Management
· $350,000 for General Asset Replacement - Synthetic Turf
· $500,000 for Capital Improvements
· $767,395 for Civic Facilities
· $745,774 for Park Facilities
APPROVED by the Danville Town Council at a regular meeting held on November 16,
2004, by the following vote:
AYES: Arnerich, Doyle,
NOES: None
ABSTAINED: None
ABSENT: None
Andersen,
Shimansky, Stepper
7-~ -APPROVED AS TO FORM:
crrY ATTORNEY
CITY CLERK
PAGE.2 OF RESOLUTION NO. 129-2004