Agenda - Council - 06/27/2006 - Laserfiche WebLink

Home

Consent # RECEIPT OF THE 2005 COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) By Diana Lurid, Finance Officer 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. This is the second year that the City of Ramsey has had to report under the reporting format known as GASB 34. Incorporated into the 2005 CAFR are changes that are consistent with recommendations from the review for the "Certificate of Achievemem 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 2005 CAFR 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. Funding Cities in Minnesota 3. Governmental Fund Overview 4. Financial Trends and Conditions of Your City 5. Accounting and Auditing Updates A representative with the firm of Malloy, Montague, Karnowski, Radosevich and Co., P.A. will be in attendance at the City Council meeting to review the auditors opinions contained in the CAFR, the Management Report and answer any questions that you may have. Council Action: Motion to recommend Council accept thc 2005 Comprehensive Annual Financial Report and authorize the Finance Officer to submit to the State of Mirmesota Department of Revenue and other agencies, as required, and to submit thc report with application for the Certificate to the Government Finance Officers Association of the United States and Canada. Reviewed by: City Administrator Finance Officer CC: 6/27/06 -5-