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Ms. Olson said the Water Fund provided good news. The city's expectation for the water fund ending balance was $7.1M, but it ended with almost $8M, a difference of $855,000 more than expected. This change came mainly from the Zone 7 water purchase. The Sewer Fund expected to have an ending balance of$4.3M, however end up with $4.7M, an increase of$300,000. Councilmember Pentin asked if we get another year or two where the funds have the same results, do we stop funding at that point. Ms. Olson said the goal in the Water Fund is to have a stated policy of $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 unanticipated projects came up, funds will be in place to take care of those projects. Ms. Olson said the Golf Fund net income was $34,000 less than was expected, with an ending income of approximately $115,000. The net income for the Golf Fund was at $348,553.00 with $233,163 of it transferred to the General Fund to repay the golf course loan of $10M as of June 30, 2015. The remaining $115,390 is fund balance to build reserves. The Repair & Replacement Fund was over expensed by approximately $1 M due to a project not ready to start. The funds will stay in the fund balance to be used for future projects. Next Steps are to finalize the CAFR for reviewed by Council in January 2016 and to update the midyear budget in March 2016 and midterm budget for 2016/17 to be updated June 2016. Mayor Thorne noted there were no speakers. MOTION: It was m/s by Olson/Narum to waive full reading and adopt Resolution No 15-813 accepting the FY 2014/15 year-end operating budget and designating the General Fund reserves. Motion passed by the following vote Ayes: Councilmembers Olson, Narum, Brown, Pentin, Mayor Thorne Noes: None Absent: None MATTERS INITIATED BY COUNCIL - None COUNCIL REPORTS - None ADJOURNMENT There being no further business, the meeting was adjourned at 10:21 p.m. The Council extended a tribute to our nation's men and women serving in the military. We wish to honor the memories of those who have died in past wars in defense of our country, including those who have died in the current conflicts in Iraq and Afghanistan. Respectfully submitted, & / Kare Diaz 7T-- City Clerk City Council Minutes Page 16 of 16 December 1,2015