Agenda - Council - 06/14/2022 - Laserfiche WebLink

Home

CC Regular Session Meeting Date: 06/14/2022 By: Diana Lund,Finance Information Title Receive 2021 Annual Comprehensive Financial Report. Purpose/Background: The City of Ramsey is required to undergo a certified audit, on an annual basis, of all of its funds and account groups. This audit is performed by the firm of Malloy, Montague,Karnowski,Radosevich&Co., P.A. Incorporated into the 2021 Annual Comprehensive Financial Report are changes that are consistent with recommendations from the review for the"Certificate of Achievement for Excellence in Financial Reporting: (Certificate) and any reporting changes required by the Governmental Accounting Standards Board(GASB). It is our belief that this report is again a good candidate for receipt of the Certificate and it is intended that we submit the 2021 Annual Comprehensive Financial Report for review and consideration. The auditors, as a part of their work,prepare a Management Report for the City. This report contains information on the following: 1. Audit Summary 2. Governmental Funds Overview 3. Enterprise Funds Overview 4. Government-Wide Financial Statements 5. Legislative Updates 6. Accounting and Auditing Updates A presentation from a representative with the firm of Malloy,Montague, Karnowski,Radosevich will review the auditors opinions contained in the Annual Comprehensive Financial Report, the Management Report, and Special Purpose Audit Reports and answer any questions from the Council. This presentation will be scheduled prior to the regular City Council meeting to account for time and a brief summary will be presented at the beginning of the regular City Council meeting. Funding Source: The 2021 annual audit was included in the 2022 General Fund Finance budget. Recommendation: Staff recommends acceptance of the 2021 Annual Comprehensive Financial Report. Action: Motion to accept the 2021 Annual Comprehensive Financial Report and authorize the Finance Director to submit to the State of Minnesota Department of Revenue and other agencies, as required, and to submit the report with application for the Certificate to the Government Finance Officers Association of the United States and Canada.