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Finance Director Lund thanked her staff, specifically Assistant Finance Director Denelle <br />McAlpine, whom prepares the documents. <br />Mayor Strommen thanked Finance Director Lund and her staff for their excellent work. <br />2.02: Presentation of the 2014 Comprehensive Annual Financial Report <br />Aaron Nielsen, Principal with Malloy, Montague, Karnowski, Radosevich & Company <br />(MMKR), the City's auditing firm, presented the 2014 Comprehensive Annual Financial Report. <br />He reported that the audit resulted in an unmodified opinion. <br />Mayor Strommen stated that the Comprehensive Annual Financial Report is on the Consent <br />Agenda tonight, noting that the Council also discussed the item earlier in the night during the <br />work session. <br />2.03: Finance Department Update <br />Finance Director Lund presented an update on activities of the Finance Department. She <br />reviewed the status of the strategic goals for the department including financial stability and <br />bond rating; noting that the City continues to meet or exceed those goals. She stated that <br />Ramsey is one of 102 Minnesota cities which receives the Certification of Achievement in <br />Financial Reporting and has for the past 20 years. She referenced the 2014 Comprehensive <br />Annual Financial Report, noting that the City has healthy fund balances and highlighted the 2016 <br />budget process and calendar, noting upcoming dates. She briefly highlighted the general fund <br />expenditures, tax capacity rate comparisons, and 2015 general fund budget comparisons. She <br />referenced long range planning, noting that information can be found within the five year Capital <br />Improvement Plan and the five year general fund budget. She provided information regarding <br />utility billing and other events, including the payment in full of a tax increment revenue bond for <br />the Residence at The COR. <br />Councilmember Kuzma asked for additional information regarding the difference between an <br />AA and AAA bond rating, stating that his understanding was that the City could not obtain the <br />AAA rating because the City is still a newer city in terms of age. <br />Finance Director Lund confirmed that statement and noted that there is a review of a stable tax <br />base and agreed that the AAA rating could possibly be attained once the City has aged further. <br />3. CITIZEN INPUT <br />None. <br />4. CONSENT AGENDA <br />Mayor Strommen requested that Item 4.05 be removed from the Consent Agenda and considered <br />as Item 7.07. <br />City Council / June 9, 2015 <br />Page 3 of 18 <br />