The Minonk City Council was given the results of the City's annual audit at their normal Monday night meeting. Benjamin Smith, CPA, of Striegel Knobloch & Company said the City has done a very good job of managing their money. The City's cash reserve increased from $2.1 million to $2.9 million much of it due to the sale of Section Six for $897,228. This amount of cash is enough to run the city for one year without any additional revenues according to Smith. In addition, the state still owes the City 4 months of sales tax. The City can borrow up to $1.6 million based on the limit of %8.625 of the total assessed property. The City currently has $440,000 of debt. The City's net assets increased from $9,298,36 to $10,279,943.
Below is the City statement of revenues and expenses for Enterprise Funds.
TIF Application Approved
The council approved a TIF 2 application from Jim Brown for replacement of windows and trim on a building at 408 N. Chestnut for $2450 which is 50% of the total cost of the project.
Revolving Loan Fund Application Approved
The council approved a Revolving Loan Fund Application for a loan of $10,000 for 5 years at 3% for Petri's Pour House at 436 N. Chestnut owned by Nick Petri.
Vehicle Impounding ordinance Approved
The council approved ordinance 2010-11 which amends the Minonk Municipal Code for seizure and impounding of vehicles. The ordinance is to provide a deterrent to certain crimes such as DUI's, suspended license driving, transportation of drugs and other illegal activities. Committing these violations can result in the impounding of the person's car which may be expensive to recover.
Millennia Park Subdivision Ordinance Approved
The council approved Ordinance 2010-12 which accepts the public improvements of the Millennia Park Subdivision. The improvements include completed road work, installation of water and sewer lines.
Pumpkin Patch Festival
Alderwoman Julie Redenius said that the 4th of July Committee is putting on a fund raiser event called Pumpkin Patch Party at Sutton's Park on Sunday, October 10 from noon to 5. Activities include craft vendors, food tent, photo booth, children's games, face painting and the Fieldcrest dance team performing at 2:00 p.m. In addition, pumpkins and other fall decorations will be sold.
Mayor's Comments
The Fieldcrest homecoming will be held this weekend.