Agenda - Council - 06/27/1989 - Laserfiche WebLink

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City of Ramsey 15153NOWTHEN BOULEVARDN.W.,RAMSEY, MINNESOTA 55303 · {612) 427-1410 June 22, 1989 Honorable Mayor and City Councilmembers City of Ramsey 15153 Nowlhen Blvd. N.W. Ramsey, Minnesota 55303 Dear Honorable Mayor and City Coum;ilmembers: In years past the City of Ramsey has prepared a Comprehensive Annual Financial Report (c'AFR) in conformance with generally accepted accounting and repoding principles. Each year that this document is prepared, exceptional effort is made to assure that it conforms to the highest standards for reporting documents in an effort to receive recognition from the Government Finance Officers Association (GFOA) of the United States and Canada. We are proud that the City of Ramsey has been able to receive this Cedificate of Achievement for Excellence in Financial Reporting in years past, however, these accomplishments have only been obtained as a result of extraordinary effort by our City Staff. This year the Comprehensive Annual Financial Report has been prepared in such a way to meet the high standards of the Government Finance Officers Association. I believe we should submit this document for evaluation in an effort to again receive the Certificate of Achievement for Excellence in Financial Reporting. It is also my belief that this document should be prepared without the need for exceptional effort on the part of the City Staff, which means that our financial records should be maintained on a daily, weekly, and monthly basis in such condition that reports of this nature csn be prepared without a two or three month effort. I also believe that by obtaining the Certificate of Achievement for Excellence in Financial Reporting, some people may believe that the Certificate indicales that the financial records of the City of Ramsey are in excellent shape. To the contrary, the Certificate .0nly confirms that the report submitted once a year is in excellent shape. Based on these beliefs, I now recommend to the City Council of Ramsey, Minnesots that in 1990 the City of Ramsey should not pursue a Certificale of Achievement unless: 1) 2) 3) All cash accounts are closed and reconciled by February 1, 1990; All funds are closed and reconciled by March 1, 1990; At least 90% of all transactions and records are maintained under one data processing system.