Laserfiche WebLink
FC CASE # <br /> <br />RECEIPT OF THE 2001 COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) <br />AND PRESENTATION OF THE MANAGEMENT REPORT BY THE FIRM OF <br />MALLOY, MONTAGUE, KARNOWSKI, RADOSEVICH & CO., P.A. <br /> By Diana Lund, Finance Officer <br /> <br />Background: <br /> <br />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 ofMalloy, Montague, Karnowski, Radosevich & <br />Co., P.A. <br /> <br />The report, as it appears this year, is similar in appearance to last year's report, with some changes <br />and improvements. Incorporated into the 2001 CAFR are changes that are consistent with <br />recommendations from the review for the "Certificate of Achievement for Excellence in Financial <br />Reporting: (Certificate) and any reporting changes required by the Governmental Accounting <br />Standards Board (GASB). It is our belief that this report is again a good candidate for receipt of the <br />Certificate and it is intended that we submit the 2001 CAFR for review and consideration. <br /> <br />The transmittal letter at the beginning of the report provides an overview of the years happenings and <br />summarizes the detail contained in all of the exhibits and schedules. I would recommend that you <br />take the time to review this transmittal letter and if there are questions, they can be addressed either at <br />the meeting or you can contact me directly. <br /> <br />The auditors, as a part of their work, prepare a Management Report for the City. This report contains <br />information on the following: <br /> <br />1. Legislation Summary <br />2. Property Taxes <br />3. Governmental Fund Overview <br />4. Financial Trends and Conditions of Your City <br />5. Accounting and Reporting Comments <br />6. Accounting and Auditing Updates <br />7. Formal Required Communications <br /> <br />A representative with the firm of Malloy, Montague, Kamowski, Radosevich and Co., P.A. will be in <br />attendance at the Finance Committee to review the auditors opinions contained in the CAFR, the <br />Management Report and answer any questions that you may have. <br /> <br />Committee Action: <br /> <br />Motion to recommend Council accept the 2001 Comprehensive Annual Financial Report and <br />authorize the Finance Officer to submit to the State of Minnesota Department of Revenue and other <br />agencies, as required, and to submit the report with application for the Certificate to the Government <br />Finance Officers Association of the United States and Canada. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Finance Officer <br /> <br /> <br />