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CC Regular Session <br />Meeting Date: 06/23/2020 <br />By: Diana Lund, Finance <br />5. 1. <br />Information <br />Title <br />Receive 2019 Comprehensive Annual Financial Report (CAFR) <br />Purpose/Background: <br />The City of Ramsey is required to undergo a certified audit, on an annual basis, of all of its <br />funds and account groups. This audit is performed by the firm of Malloy, Montague, Karnowski, <br />Radosevich & Co., P.A. <br />Incorporated into the 2019 CAFR are changes that are consistent with recommendations from <br />the review for the "Certificate of Achievement for Excellence in Financial Reporting: <br />(Certificate) and any reporting changes required by the Governmental Accounting Standards <br />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 2019 CAFR for review and consideration. <br />The auditors, as a part of their work, prepare a Management Report for the City. This report <br />contains information 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, <br />Radosevich will review the auditors opinions contained in the CAFR, the Management Report, <br />and Special Purpose Audit Reports and answer any questions from the Council. This <br />presentation will be scheduled prior to the regular City Council meeting to account for time and <br />a brief summary will be presented at the beginning of the regular City Council meeting. <br />Funding Source: <br />The 2019 annual audit was included in the 2020 General Fund Finance budget. <br />Recommendation: <br />Staff recommends acceptance of the 2019 Comprehensive Annual Financial Report. <br />Action: <br />