Agenda - Council - 06/10/2008 - Laserfiche WebLink

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RECEIPT OF THE 2007 COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) By Diana Lund, Finance Officer 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, Karnowski, Radosevich & Co., P.A. Incorporated into the 2007 CAFR are changes that are consistent with recommendations from the review for the "Certificate of Achievement for Excellence in Financial, Reporting: (Certificate) and any reporting changes required by the Governmental Accounting Standards Board (GASB). It is our belief that this report is again a good candidate for receipt of the Certificate and it is intended that we submit the 2007 CAFR for review and consideration. The auditors, as a part of their work, prepare a Management Report for the City. This report contains information on the following: A presentation from a representative with the firm of Malloy, Montague, Karnowski, Radosevich will review the auditors opinions contained in the CAFR, the Management Report and answer any questions that Council may have This presentation will be scheduled prior to the regular City Council meeting to account for time and a brief summary will be presented at the beginning the regular City Council meeting. Funding Source: The 2007 annual audit was included in the 2008 General Fund Finance budget. Council Action: Motion to recommend Council accept the 2007 Comprehensive Annual Financial Report and authorize the Finance Officer to submit 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 Finance Officers Association of the United States and Canada. Reviewed by: City Administrator: Finance Officer CC: 6/10/08 Audit Summary Funding Cities in Minnesota Governmental Fund Overview Financial Trends and Conditions of Your City Accounting and Auditing Updates