Agenda - Council - 12/10/1991 - Laserfiche WebLink

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I I I I I I ,I I I I I I I I I l I I I AUDITING SERVICES By: Sandra Ashley Helling, Finance Officer CASE Background: Per M.S. 69.051, the board of each volunteer fire fighters' relief association with assets of less than $200,000 and liabilities less than $200,000 is responsible for the following: Preparation of a detailed statement of the financial affairs of the relief association's special and general funds in the style and form prescribed by the State Auditor, for the preceding fiscal year. The detailed statement must be certified by an independent public accountant or auditor.., and the accountant or auditor conducting the examination shall give an opinion as to the condition of the special and general funds of the relief association and shall comment on any exceptions in the report. The statement shall be countersigned by the municipal clerk or clerk-treasurer of the municipality. File the statement in the relief association office for public inspection and present it to the City Council within 45 days after the close of the fiscal year. Submit, within 90 days after the close of the fiscal year, a copy of the statement to the State Auditor. Ramsey's Volunteer Firefighters' Relief Association must meet these requirements for the year ended 12/31/91 and future years. In many cases, the City's auditing firm will also perform the auditing requirements for the Relief Association. As some of the information from the Relief Association audit is required to be included in the City's annual report, having the same firm for both can reduce cost and provide for more timely reporting for the City. After discussion with the Fire Chief, I contacted Malloy, Karnowski & Co., P.A., the City's auditing firm, to determine availability and cost. Our auditors can perform this audit in conjunction with the City's year-end audit, and their rates are detailed in the enclosed letter which pertains to the City*s audit. As this would be the first audit for the Relief Association, no firm proposal is available. I have estimated the cost of the Volunteer Firefighters Relief Association audit not-to- exceed $1,500.00 This information was presented to the Budget Committee, and the City's General Fund 1992 budget request from the Fire Department includes $1,500.00 for the audit. The Budget Committee has directed this specific request be discussed during the public hearing this evening. $7