City Council Worksession

Watertown City Council Work Session Mayor Michael Walters Fred McGuire Adam Pawelk Dan Schuette Kay Thul 6/11/2024 - Minutes 1. Call To Order And Roll Call Mayor Walters called the Watertown City Council work session to order at 5:39-8 p.m. on Tuesday, June 11, 2024 in the Council Chambers at City Hall. Councilmembers present: Mike Walters, Adam Pawelk, Kay Thul and Fred McGuire Councilmembers absent: Dan Schuette City Staff present: City Administrator Jake Foster and Administrative Services Director Michael Sommerfeld 2. New Business 2.I. 2023 Audit City Administrator Jake Foster introduced Brad Falteysek from Abdo who has been performing the City's audits for the past eight years. This year they came out in early May to perform the audit. Brad presented a high-level summary that lists the financial statements. In his presentation Brad also had comparisons with the city as well as other cities in similar size across the State of Minnesota. In the auditor's opinion, they are issuing an unmodified or clean opinion of financial statements. Brad continued to go through the process of the audit and what they look for to prepare the financial statements. He talked about quarterly reports and monitoring and the need for council to have a quarterly budget to actuals. Jake spoke about that this is something they do monthly with the department heads already and could have those available for council to look at as well. Brad continued that throughout the State of Minnesota the City of Watertown compared to Class Four cities in Carver County tax rates are pretty close to what your peer groups are. In fact, in the last two years your tax rate has gone down. Taxes per capita is slightly under the peer group each year. A Class Four cities are cities Zero to 10,000. Mike Walters concluded that there has been very good financial management for several years. For  Brad continued that throughout the State of Minnesota the City of Watertown compared to Class Four cities in Carver County tax rates are pretty close to what your peer groups are. In fact, in the last two years your tax rate has gone down. Taxes per capita is slightly under the peer group each year. A Class Four cities are cities Zero to 10,000. Mike Walters concluded that there has been very good financial management for several years. For example, our debt per capita per person here in town is very, very low, below even almost a third of some of the nearby Carver County cities and about that or half or less than other Class Four cities. The Council thanked Brad for coming in and going through the audit. 2.I.1. 2023 DRAFT Annual Financial Report 2.I.2. 2023 DRAFT Audit Presentation 3. Adjournment Workshop was adjourned at 6:20 p.m. 309 Lewis Avenue South; P.O. Box 279, Watertown, MN 55388 __________________________________________________________ Michael Walters, Mayor ATTEST:__________________________________________ Jake Foster, City Administrator