As we do not do accrual accounting all year, at year-end the accounts must be adjusted before the audit and Annual Financial Report preparation. Audit adjustments, if any, may produce subsequent adjusting entries.
In previous meetings we have discussed the costs of labor and equipment to restore services from the May 2017 lightning strike damage. Total costs for equipment and labor were approximately $360,000. At the October 3, 2017 Council Meeting, Mayor and Council agreed to accept the insurance claim settlement of approximately $115,805. The City has the opportunity to enter into a lease – purchase agreement with Cisco’s equipment finance arm, De Lage Landen Public Finance, for $255,010 for equipment and labor paid in August 2017. If agreed by Mayor and Council, the city will be returned the above $255,010, and correspondingly make 5 payments of $54,677.13, beginning 11/18/2017, ending 11/18/2021. The payment term better reflects the projected useful life of purchase and better facilitates City cash flow.
The City Staff recommends Council authorize the Mayor to enter into the agreement.
Of course, since they are killing pets, staff needs Council direction on how to address the issue. Staff has provided a quote from a company that will remove the coyotes. This is not an issue that can or should be handled through our animal control program.
At this time, the Mayor opens the floor to comments from the audience. Comments should relate to a specific agenda item, not listed on the agenda for a Public Hearing, or to a concern within the jurisdiction of the City. Mayor and Council meetings serve the purpose of conducting city business and are not a forum for the unlimited expression of opinion. The Mayor reserves the right to limit comments to matters germane to city business and may refer speakers to the City Manager or other staff for resolution.