By Jim Reece - The Ione City Council received a 4th quarter financial report Tuesday with most actual costs under budget and revenues and cash above budgets. The council past approval for staff to seek Community Development Block Grants in the amount of 70,000 dollars for four separate areas, including the study of economic development and ways to improve Evelynn Bishop Hall. The grants will be matched 10 percent by city funds, or 7,000 dollars. City Finance Director Mark Smith gave a 4th Quarter financial report for the fiscal year ending June 30th. He said American River Bank reported that the city’s LEIF Deposits were sound and that it had boosted its insurance to 250,000 dollars per account. Smith said the state last Friday had made good on gasoline tax payments to the tune of 70,000 dollars. He said building permits were down 50 percent from the opening of the fiscal year, July 2007, while sales tax was up 1 percent. He said General Fund Cash and Reserve each were above 1 million dollars, while the sewer fund cash balance was 600,000 dollars more than projected, topping 1.4 million dollars. Capital expenditures totaled 45,000 dollars, for three items: purchase of a police vehicle, lease of a truck for the building department, and purchase of a lawnmower for the parks department. The Capital fund included 2.2 million dollars, which included 420,000 dollars earmarked for street work. Smith said the city has 1,433 active sewer accounts, below budgeted projections by 101 accounts. The council voted 4-0 to create a Recreation Fund for keeping unused funds. Those may include 500,000 for a new swimming pool at Howard Park, plus funds and fees generated at the city pool, Howard Park fields, Evelynn Bishop Hall and the horse arena and stables.