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CC Regular Session <br />Meeting Date: 06/11/2019 <br />By: Diana Lund, Finance <br />4. 2. <br />Information <br />Title <br />Receive 2018 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 2018 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 required <br />by the Governmental Accounting Standards Board (GASB). It is our belief that this report is again a good candidate <br />for receipt of the Certificate and it is intended that we submit the 2018 CAFR for review and 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. Governmental Funds Overview <br />3. Enterprise Funds Overview <br />4. Government -Wide Financial Statements <br />5. Legislative Updates <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 Special Purpose Audit Reports and answer <br />any questions from the Council. This presentation will be scheduled prior to the regular City Council meeting to <br />account for time and a brief summary will be presented at the beginning the regular City Council meeting. <br />Funding Source: <br />The 2018 annual audit was included in the 2019 General Fund Finance budget. <br />Action: <br />Motion to accept the 2018 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 />2018 Comprehensive Annual Financial Report (CAFR) <br />2018 Audit Management Report <br />2018 Audit Special Purpose Report <br />