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Governmental Accounting Standards Board (GASB). It is staff's belief that this report is again a <br />good candidate for receipt of the Certificate and it is intended that staff submit the 1999 CAFR <br />for review and consideration. <br /> <br />Ken Malloy, Malloy, Montague, Karnowski, Radosevich & Co., P.A., stated that his firm <br />conducted an audit of the City's financial statements and the overall opinion is the financial <br />statements are acceptable. He gave a brief overview of the audit and emphasized that the City <br />has done a great job with complying with the laws and that the audit showed no negative <br />findings. <br /> <br />The Committee discussed at length the depreciation of assets as impacted by GASB Statement <br />No. 34. <br /> <br />Councilmember Connolly explained that the City is considering making a sizable investment in <br />an industrial area and questioned if Mr. Malloy felt the City was in a good financial state to start <br />such a venture. <br /> <br />Mr. Malloy replied that he was not familiar with the information regarding the investment, but <br />noted it would depend on how the project is funded. He also explained that the City is in good <br />financial health and can take on such projects if they are properly funded. <br /> <br />Councilmember Connolly inquired if Mr. Malloy had any recommendations regarding the <br />financial statements. <br /> <br />Mr. Malloy thinks the City has done a good job, but encouraged the City to begin planning for <br />the changes that will be required for GASB Statement No. 34. <br /> <br />Motion by Councilmember Connolly, seconded by Councilmember Hendriksen, to recommend <br />City Council accept the 1999 Comprehensive Annual Financial Report and authorize the Finance <br />Officer to submit to the State of Minnesota DePartment of Revenue and other agencies, as <br />required, and to submit the report with application for the Certificate to the Government Finance <br />Officers Association of the United States and Canada. <br /> <br />Motion carried. Voting Yes: Mayor Gamec Councilmembers Connolly, Hendriksen, and <br />Anderson. Voting No: None. Absent: CouncilmemberZimmerman. <br /> <br />Case #2: Public Works Metal Building Improvements <br /> <br />Public Works Supervisor Riemer stated that in 1998, the Public Works Department began <br />making improvements to the metal building located at the public works garage. Improvements to <br />date include interior lighting, electrical outlets, and replacement of four overhead garage doors. <br />The new garage doors are wider and include automatic openers. Staff has also removed an <br />interior loading dock and changed the location of a service door. All of these improvements <br />have increased the utilization of the building. The City of Ramsey Capital Improvement <br /> <br />Finance Committee/June 13, 2000 <br /> Page 2 of 5 <br /> <br /> <br />