Jason Boynton, Smith Schafer & Associates, LTD., presented Chatfield’s financial summary and audit for 2018 at the council’s April 8 meeting.
The city received an unmodified “clean” opinion. Financial statements are fairly stated. Boynton said there are no concerns to bring to the council’s attention.
The city had about a 6% increase in tax capacity over 2017. The general tax levy represents about 44% of the total government revenues. Local government aid was up a little bit, but is not keeping up with increased city operating costs. The difference is made up with local property taxes. General government expenditures were up $48,825 over 2017.
The unassigned general fund balance equals 49.3% of next years general fund property tax levy and local government aid. The policy is to maintain unrestricted general fund balance at 40-60%. The capital goods unrestricted fund balance totaled $732,117 at the end of 2018. Payments are being made timely on all debt.
Other business in brief
•Chris Giesen presented the EDA annual report for 2018. He highlighted the purchase agreement for a Dollar General store in the Twiford Redevelopment area, developer assistance with the plat of 19 residential lots on Amco Dr. and Wisdom Ln., and assistance with the EZ Fabricating expansion. There are 10 active loans totaling $1.1 million. The average loan is $67,000. The city has grown with 20 new residences, which increases the tax base.
Several lots on Enterprise Dr. are ready to go. The council approved an EDA recommendation to establish a 3% finder’s fee. Any licensed real estate agent that brings a new buyer for an Enterprise lot will receive 3% of the final sales price when the buyer closes on the purchase.
•The seventh payment to Benike Construction for the swimming pool in the amount of $47,802.24 was approved. Payment number eight to Ricchio, Inc. was approved in the amount of $162,674.
•A request by the new owner of 339 Hawley St. to move a 1958 hydrant was approved. This hydrant was one that was going to be replaced.
•Thirty-six water meters including frost jackets were approved to be installed at the trailer court at a cost of $11,124.
•A quote was received from Griffin Construction to clean out a French drain on Margaret St. Approval was given for needed maintenance of the French drain.
•Citywide clean-up will take place May 6.
•Revised by-laws of the Heritage Preservation Commission were approved.
•This is the 50th anniversary of the Vietnam War. Mayor Russ Smith proclaimed March 27 to have been a day to honor Vietnam veterans.
•The mayor proclaimed April 26 to be Arbor Day and the month of May as Arbor month. A tree will be planted at the elementary school at 2:15 p.m. on April 26.
•Lynda Karver and Rick Irish will fill a couple of vacancies on the Cable Access Board.
•Chatfield will host a SEMLM and SE MN Together meeting on April 30 at the Chatfield Center for the Arts.