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'1 <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> ! <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br />FC CASE <br /> <br />RECEIPT OF THE 1996 COMPREHENSIVE ANNUAL FINANCIAL REPORT [CAI*RI <br />AND PRESENTATION OF THE MANAGEMENT REPORT BY THE FIRM OF <br />MALLOY, MONTAGUE, KARNOWSKI, RADOSEVICH & CO., P.A. <br /> By: Jessie Hart, Finance Officer <br /> <br />[CAFR AND MANAGEMENT REPORT INCLUDED UNDER SEPARATE COVER] <br /> <br />Background: <br /> <br />The City of Ramsey is required to undergo a certified audit, on an annual basis, of ail of its funds <br />and account groups. This audit is performed by the firm of Malloy, Montague, Kamowski, <br />Radosevich & Co., P.A. The preparation of the Comprehensive Annual Financial Report <br />[CAFR] is done by the Finance Department. <br /> <br />The report, as it appears this year, is similar in appearance to last years report, 'with some changes <br />and improvements. Incorporated into the 1996 CAFR are changes that are consistent with <br />recommendations from the review for the "Certificate of Achievement for Excellence in <br />Financial Reporting" [Certificate]. It is our belief that this report is again a good candidate for <br />receipt of the Certificate and it is intended that we submit the 1996 CAFR for review and <br />consideration. <br /> <br />The transmittal letter at the beginning of the report provides an overview of the years happenings <br />and summarizes the detail contained in all of the exhibits and schedules. I would recommend <br />that you take the time to review this transmittal letter and if there are questions, they can be <br />addressed either at the meeting or you can contact me directly. <br /> <br />The auditors, as a part of their work, prepare a Management Report for the City. This report <br />contains information on the following: <br /> <br />0 <br />0 <br /> <br />0 <br /> <br />City Finance in Minnesota/Legislative Trends <br />Financial Trends and Conditions of Your City <br />Accounting and Reporting Comments <br />Accounting and Auditing Updates <br />Formal Required Communications <br /> <br />A representative with the firm ofMalloy, Montague, Karnowski, Radosevich & Co., P.A. will be <br />in attendance at the Finance Committee meeting to review the auditors opinions contained in the <br />CAFR, the Management Report and answer any questions that you might have. <br /> <br /> <br />