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Consent # <br /> <br />RECEII'T OF THE 2004 COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) <br /> By Diana Lund, Finance Officer <br /> <br />Background: <br /> <br />ri'he 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 & <br />Co., P.A. <br /> <br />rl'his is the first year that the City of Ramsey has had to report under the new reporting format known <br />as GASB 34. Some of'the most significant changes over the previous reporting format include the <br />tbllowing: <br /> -The addition of Management's Discussion and analysis section <br /> -Government-Wide financial statements prepared on accrual basis of accounting <br /> -Fund financial statements that present information for Major Individual Funds <br /> (General, 'Equipment Revolving, Landfill, PIR, etc) rather than by fund type. <br /> <br />Incorporated into the 2004 CAFR are changes that are consistent with recommendations from the <br />review li)r the "Certificate of Achievement for Excellence in Financial Reporting: (Certificate) and <br />any reporting changes required by the Governmental Accounting Standards Board (GASB). It is our <br />bel icl" that this report is again a good candidate for receipt of the Certificate and it is intended that we <br />submit the 2004 CAFR for review and consideration. <br /> <br />Thc auditors, as a part of their work, prepare a Management Report for the City. This report contains <br />infi)rmation on the following: <br /> <br />1. Audit Summary <br />2. Funding Cities in Minnesota <br />3. Governmental Fund Overview <br />4. Financial Trends and Conditions of Your City <br />5. Accounting and Auditing Updates <br /> <br />A representative with the firm of Malloy, Montague, Karnowski, Radosevich and Co., P.A. will be in <br />attendance at the City Council meeting to review the auditors opinions contained in the CAFR, the <br />Management Report and answer any questions that you may have. <br /> <br />Council Action: <br /> <br />Motion to recommend Council accept the 2004 Comprehensive Annual Financial Report and <br />authorize the Finance Ofricer 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 />[:inancc Officers Association of the United States and Canada. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Financc Officer <br /> <br />CC: 6/28/05 <br /> <br />-5- <br /> <br /> <br />