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<br />Consent # ~ <br /> <br />RECEIPT OF THE 2008 COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) <br />By Diana Lund, Finance Officer <br /> <br />Background: <br /> <br />The City of Ramsey is required to undergo a certified audit, on an annual basis, of all of its funds and <br />account groups. This audit is performed by the firm of Malloy, Montague, Karnowski, Radosevich & <br />Co., P.A. <br /> <br />Incorporated into the 2008 CAFR are changes that are consistent with recommendations from the <br />review for the "Certificate of Achievement for Excellence in Financial Reporting: (Certificate) and <br />any reporting changes required by the Governmental Accounting Standards Board (GASB). It is our <br />belief that this report is again a good candidate for receipt of the Certificate and it is intended that we <br />submit the 2008 CAFR for review and consideration. <br /> <br />The auditors, as a part of their work, prepare a Management Report for the City. This report contains <br />information on the following: <br /> <br />1. Audit Summary <br />2. Funding Cities in Minnesota <br />3. Governmental Fund Overview <br />4. Financial Trends and Conditions of Your City <br />5. Accounting and Auditing Updates <br /> <br />A presentation from a representative with the firm of Malloy, Montague, Karnowski, Radosevich will <br />review the auditors opinions contained in the CAFR, the Management Report and answer any <br />questions that Council may have. This presentation will be scheduled prior to the regular City <br />Council meeting to account for time and a brief summary will be presented at the beginning the <br />regular City Council meeting. <br /> <br />Funding Source: <br /> <br />The 2008 annual audit was included in the 2009 General Fund Finance budget. <br /> <br />Council Action: <br /> <br />Motion to recommend Council accept the 2008 Comprehensive Annual Financial Report and <br />authorize the Finance Officer to submit to the State of Minnesota Department of Revenue and other <br />agencies, as required, and to submit the report with application for the Certificate to the Government <br />Finance Officers Association of the United States and Canada. <br /> <br />City Administrator: <br />Finance Officer <br /> <br />Ji;:~ 0 <br /> <br /> <br />f <br /> <br />Reviewed by: <br /> <br />CC: 6/9/09 <br />