Agenda - Council - 06/28/1994 - Laserfiche WebLink

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CASE # RECEIVE AND IREVIEW THE [THIS Background: 1993 COMPREHENSIVE ANNUAL FINANCIAL REPORT ~ (CAFR) By: 3essie Hart, Finance Officer REPORT IS INCLUDED WITH THE AGENDA AS A SEPARATE ITEM] The City of Rarnsey !s required to undergo a certified audit ,on an annual basis, of all of its funds and account groups. This audit ',~ performed by the firm of Malloy, Karnowski, Radosevich and Company, P.A. The preparation of the Comprehensive Annual Financial Report (CAFR) is done by the Finance Department under the direct charge of the A~counting Supervisor Mary Gomez, and me. The report, as it appears this year, is somewhat different than it has been the last several years. Incorporated into the CAFR for 1993,iis an extensive transmittal letter at the beginning of the report and the addition of the statistical section ne~ thc end of the report. Inclusion of this information delayed the final preparation of the report since some of ~t required a bit of "digging" to recreate, but I feel this added information has given it more usefulness as a worki~ig tool. We were also able to make several "cosmetic" changes that had been recommended over the past several ,cars, bul weren't made due to thc timing of finalizing the CAFR in those years. I believe that this repc 't would be a good candidate for receiving the "Certificate of Achievement for Excellence in Financial Reporting" Certificate) that is presented by the Government Finance Officers Association of the United States and Canada. 9'hile some people do not place a significant weight on this award, financing and rating agencies, such as M{_>dy's, view this as a "plus" when dealing with a City that holds it. While we will not be applying for the Cerj. ificate with thc 1993 CAFR, I will be requesting the funding in the 1995 budget for submittal of the 1994 ICAFR. At tonight's meeting,ii will review the transmittal letter, all of the auditor,s opinions on the report, as well as those included in co, unction with legal compliance issues. I will also review any of the information that is requested by individu_~l members of the Comminec. There will not be a si!~gle audit report issued this year due to the low .level of "federal pass through funds" to the City. These include CDBG funds as well as most of the DNR grants that we apply for and receive. Unless the Government changes Ne threshold on the funding levels, it will be necessary to have the single audit done during the 1994 audit, whichlrequires additional testing and report preparation on the part of the auditors. The auditors, as a pat of their work, prepare a Management Report for the City. This report will be presented and reviewed at the tlegular City Council meeting on Jul), 12, 1994, by Ken Malloy, a parmer with the firm of Malloy, Karnowski, ~adosevich and Company, P.A. Committee Action: Accept 1993 Compre,[nensive Annual Financial Report and authorize the Finance Officer to submit it to the State of Minnesota Departnient of Revenue and other agencies as required. Reviewed by: Finance Officer FC: 06/28/94 Copies Distributed to: City Administrator Police Chief City Engineer Administrative Services Manager