Laserfiche WebLink
CC Regular Session <br />Meeting Date: 06/08/2021 <br />By: Diana Lund, Finance <br />Information <br />Title <br />Receive 2020 Comprehensive Annual Financial Report <br />Purpose/Background: <br />5. 1. <br />The City of Ramsey is required to undergo a certified audit, on an annual basis, of all of its funds and account <br />groups. This audit is performed by the firm of Malloy, Montague, Kamowski, Radosevich & Co., P.A. <br />Incorporated into the 2020 Comprehensive Annual Financial Report are changes that are consistent with <br />recommendations from the review for the "Certificate of Achievement for Excellence in Financial Reporting: <br />(Certificate) and any reporting changes required by the Governmental Accounting Standards Board (GASB). It is <br />our belief that this report is again a good candidate for receipt of the Certificate and it is intended that we submit <br />the 2020 Comprehensive Annual Financial Report 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, Kamowski, Radosevich will review the <br />auditors opinions contained in the Comprehensive Annual Financial Report, the Management Report, and <br />Special Purpose Audit Reports and answer any questions from the Council. This presentation will be scheduled <br />prior to the regular City Council meeting to account for time and a brief summary will be presented at the <br />beginning of the regular City Council meeting. <br />Funding Source: <br />The 2020 annual audit was included in the 2021 General Fund Finance budget. <br />Recommendation: <br />Staff recommends acceptance of the 2020 Comprehensive Annual Financial Report. <br />Action: <br />Motion to accept the 2020 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 />