|At the time of this report, the FY09 budget has not been adopted. In order for the City to receive 2008 revenue sharing and payment in lieu of taxes, a legitimate election must be held on October 7, 2008. In addition to 2008 monies, the City Council is required to adopt a 2009 fiscal year budget and a FY07 certified financial statement. According to the city administrator, the City does not have funds available to pay the electric bill and AVEC is scheduled to cut off service to the City at the end of September.
In order to achieve the 85% collection rate required by granting agencies (VSW, USDA-RD) the City should be receiving approximately $2,500 every month. Monthly financial statements (MFS) are not being completed. Alaska Statute 29.20.500(4) requires the Manager or Mayor to 'make monthly financial reports and other reports on municipal finances and operations as required by the governing body.' Regular monthly meetings have not been held this quarter due to lack of quorum. In July, the City transferred the fuel enterprise to the ANCSA village corporation. This source of revenue had been sustaining the city payroll and other expenses but is no longer available. |