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CASE RECEIVE AND REVIEW THE 1994 COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) By: Jessie Hart, Finance Officer [THIS REPORT IS INCLUDED WITH THE AGENDA AS A SEPARATE ITEM] Background: The City of Ramsey is required to undergo a certified audit, on an annual basis, of all of its funds and account groups. This audit is performed by the firm of Malloy, Montague, Kamowski, Radosevich and Company, P.A. The preparation of the Comprehensive Annual Financial Report (CAFR) is done by the Finance Department. While it had been anticipated that the report be presented to the Finance Committee and City Council at the May meeting, the departure of Mary Gomez placed some restraints on timing. She had been the primary party responsible for the actual preparation of the report which I in turn completed. While the attached copy of the report is still not in fmal format, the changes that will be made prior to submission to the State of Minnesota will be the addition of covers, tab dividers and appropriate letter head where required. A final copy will be distributed to each Committee member upon request. The report, as it appears this year, is similar in appearance to last years report, with some changes and improvements. Incorporated into the CAFR for 1994, are changes that are consistent with requirements for submission for the "Certificate of Achievement for Excellence in F'mancial Reporting" (Certificate). I believe that this report is a good candidate for receiving the Certificate that is presented by the Government Finance Officers Association of the United States and Canada. While some people do not place a significant weight on this award, financing and rating agencies, such as Moody's, view this as a "plus" when dealing with a City that holds it. At tonight's meeting, I will review the transmittal letter, all of the auditor's opinions on the report, as well as those included in conjunction with legal compliance and single audit issues. I will also review any of the information that is requested by individual members of the Committee. The auditors, as a part of their work, prepare a Management Report for the City. This report will be presented and reviewed at a Regular City Council meeting in July, by Ken Malloy, a parmer with the firm of Malloy, Montague, Karnowski, Radosevich and Company, P.A. Committee Action: Accept 1994 Comprehensive Annual Financial Report and authorize the Finance Officer to submit it to the State of Minnesota Department of Revenue and other agencies as required and to submit the report with application for the Certificate to the Government F'mance Officers Association of the United States and Canada. Reviewed by: Finance Officer Copies Distributed to: City Administrator Police Chief FC: 06/27/95