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much of reserves. He said when Mr. Walker was hired in 2011, a lot of changes took place in the way the City was run, who worked for the City, what they did, what their job descriptions were, what their skill sets were and how the departments were organized. Mr. Kraft said Council approved spending 27.6 million dollars but only spent 23.7 million dollars. A decrease of 3.9 million dollars was not bad. He said instead of having a projected deficit of 2.4 million dollars there was a surplus of 3.3 million dollars, which was commendable. Mr. Kraft said some of the savings were a one time savings and much of the savings were spent. He stated that from 2010 – 2012 the surplus went from 13.7 million dollars to 23 million dollars, which is 30 to 40 percent increase. Mr. Kraft stated that was why the City had a surplus of money to spend on Capital Projects. He noted this was a good budget, the City built up a surplus, changed the way the City operated, maintained the same City services and fixed the streets and other Capital needs that needed to be done. Ms. Carr asked of the surpluses listed, if the figures were still correct of the twenty- eight million in cash, 5 million in investments and 5 million in liabilities, so rather than be the 17 million or the 23 million or the 26 million, the Council was actually looking at eight million in cash and the others were receivables, which some were not liquid. Ms. Charumilind noted that receivables are figured as current assets. Ms. Carr asked if she was talking the 23 or 26 million dollars, once you take out the liabilities and wondered if Council was kidding themselves, thinking they had a large surplus to spend; but some of it is assigned and some of it is in non-liquid assets. Ms. Charumilind noted the City has a resolution stating the City will retain a 17 percent reserve balance. Ms. Carr stated that was not her question but was is the 17 or 18 million dollars all immediately spendable or is some portion not liquid. She said the City did have additional funds added through the refinancing of bonds and through a T.I.F. transfer which skewed the vision of how much there was to spend. Ms. Charumilind stated in order to secure the financial status, there is 17.8 million dollars as an unassigned fund balance. Ms. Carr said that was not her question but thanked Ms. Charumilind. Mr. Kraft said he reviewed the financials of the City and he noted what were listed were specific kinds of financial assets. He said the City has something like 91 million dollars in assets in buildings, land etc. Mr. Kraft asked Ms. Charumilind if the County owed U City some money which had not shown up yet. Ms. Charumilind agreed. She noted that as of July 1, the cash amount, the investment amount, the receivables and even the fund balance itself would change. Mr. Kraft asked if the cash balance could vary by millions of dollars to which Ms. Charumilind agreed stating it has varied from eight to thirteen million dollars. L. COUNCIL REPORTS/BUSINESS 1. Boards and Commissions Appointments Needed Mayor Welsch read the appointments and reappointments needed. 8