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CC Regular Session 4.9. <br />Meeting Date: 11/07/2011 <br />By: Diana Lund, Finance <br />Information <br />Title: <br />Report from the Finance Committee of 10-25-11 <br />Agenda Item #1- Award Contract for Professional Audit Services <br />Agenda Item 42 - Adopt Resolution #11 -11 -XXX Restricting and/or Committing Revenue Sources in Special <br />Revenue <br />Funds and Resolution #11 -11 -XXX Resolution Establishing a Financial Policy for Purpose of Allocation of <br />Excess/Deficient General Fund Revenues <br />Agenda Item 43 - Report on Fiscal Disparities <br />Agenda Item 44 - Credit Card Update <br />Background: <br />Agenda Item 41 - Staff reviewed the proposals submitted from the RFP request for auditing services. Staff <br />presented that the price quotes received were all competitive, and based on the minor price differential in firms, <br />would like to remain with their current auditing firm of Malloy, Montague, Karnowski & Radosevich (MMKR). <br />Agenda Item 42 - Staff reviewed that a current year auditing standard known as GASB 54, requires the city to have <br />these resolutions in place. <br />Agenda Item 43 - A report on the amount of fiscal disparities was presented that shows that the city of Ramsey is a <br />net benefactor in the program. <br />Agenda Item 44 - An update on the credit card usage & cost was presented. <br />Recommendation: <br />Agenda Item 41: Motion to enter into five-year contract with MMKR for the City's auditing service at the <br />not -to -exceed amount prices quoted within their proposal. <br />Agenda Item #2: Motion to Adopt Resolution #11 -11 -XXX Resolution Restricting and/or Committing Specific <br />Revenue Sources in Special Revenue Funds; and Resolution 411 -11 -XXX Resolution Establishing a Financial <br />Policy for the Purpose of Allocation of Excess/Deficit General Fund Revenues (Fund Balance Policy). <br />Agenda Item 43: Informational only. Staff will provide a more thorough update at future budget worksessions <br />Agenda Item 44: Informational only. Staff will provide a summary after next quarter's usage if allowance of credit <br />cards has increased collection of payments. <br />Council Action: <br />