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change came mainly from the Zone 7 water purchase. The Sewer Fund expected to have an ending <br /> balance of$4.3M, however end up with $4.7M, an increase of$300,000. <br /> Councilmember Pentin asked if we get another year or two where the funds have the same results, do <br /> we stop funding at that point. Ms. Olson said the goal in the Water Fund is to have a stated policy of <br /> $6.7 and end at $7.9. The desired result is $10M on the water side and $6.5M in sewer to ensure that if <br /> unanticipated projects came up, funds will be in place to take care of those projects. <br /> Ms. Olson said the Golf Fund net income was $34,000 less than was expected, with an ending income <br /> of approximately $115,000. The net income for the Golf Fund was at $348,553.00 with $233,163 of it <br /> transferred to the General Fund to repay the golf course loan of $10M as of June 30, 2015. The <br /> remaining $115,390 is fund balance to build reserves. The Repair & Replacement Fund was over <br /> expensed by approximately $1 M due to a project not ready to start. The funds will stay in the fund <br /> balance to be used for future projects. <br /> Next Steps are to finalize the CAFR for reviewed by Council in January 2016 and to update the midyear <br /> budget in March 2016 and midterm budget for 2016/17 to be updated June 2016. <br /> Mayor Thorne noted there were no speakers. <br /> MOTION: It was m/s by Olson/Narum to waive full reading and adopt Resolution No 15-813 accepting <br /> the FY 2014/15 year-end operating budget and designating the General Fund reserves. Motion passed <br /> by the following vote <br /> Ayes: Councilmembers Olson, Narum, Brown, Pentin, Mayor Thorne <br /> Noes: None <br /> Absent: None <br /> MATTERS INITIATED BY COUNCIL- None <br /> COUNCIL REPORTS - None <br /> ADJOURNMENT <br /> There being no further business, the meeting was adjourned at 10:21p.m. The Council extended a <br /> tribute to our nation's men and women serving in the military. We wish to honor the memories of those <br /> who have died in past wars in defense of our country, including those who have died in the current <br /> conflicts in Iraq and Afghanistan. <br /> Respectfully submitted, <br /> Karen Diaz <br /> City Clerk <br /> City Council Minutes Page 16 of 16 December 1, 2015 <br />