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CC Regular Session <br />Meeting Date: 06/10/2014 <br />By: Diana Lund, Finance <br />4. 2. <br />Information <br />Title <br />Receive 2013 Comprehensive Annual Financial Report (CAFR) <br />Purpose/Background: <br />Purpose: The City of Ramsey is required to undergo a certified audit, on an annual basis, of all of its funds and <br />account groups. This audit is performed by the firm of Malloy, Montague, Karnowski, Radosevich & Co., P.A. <br />Incorporated into the 2013 CAFR are changes that are consistent with recommendations from the review for the <br />"Certificate of Achievement for Excellence in Financial Reporting: (Certificate) and any reporting changes <br />required by the Governmental Accounting Standards Board (GASB). It is our belief that this report is again a good <br />candidate for receipt of the Certificate and it is intended that we submit the 2013 CAFR for review and <br />consideration. <br />The auditors, as a part of their work, prepare a Management Report for the City. This report contains information <br />on the following: <br />1. Audit Summary <br />2. Funding Cities in Minnesota <br />3. Governmental Fund Overview <br />4. Enterprise Funds Overview <br />5. Financial Trends and Conditions of Your City <br />6. Accounting and Auditing Updates <br />A presentation from a representative with the firm of Malloy, Montague, Karnowski, Radosevich will review the <br />auditors opinions contained in the CAFR, the Management Report and answer any questions from the Council. <br />This presentation will be scheduled prior to the regular City Council meeting to account for time and a brief <br />summary will be presented at the beginning the regular City Council meeting. <br />Funding Source: <br />The 2013 annual audit was included in the 2014 General Fund Finance budget. <br />Action: <br />Motion to accept the 2013 Comprehensive Annual Financial Report and authorize the Finance Director to submit to <br />the State of Minnesota Department of Revenue and other agencies, as required, and to submit the report with <br />application for the Certificate to the Government Finance Officers Association of the United States and Canada. <br />Attachments <br />2013 Comprehensive Annual Financial Report (CAFR) <br />2013 Audit Management Report <br />Form Review <br />