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CC Regular Session <br />Meeting Date: 06/25/2024 <br />Primary Strategic Plan Initiative: Not Applicable <br />5. 1. <br />Information <br />Title <br />Receive 2023 Annual Comprehensive Financial Report <br />Purpose/Background: <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, Karnowski, Radosevich & Co., P.A. <br />Incorporated into the 2023 Annual Comprehensive 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 2023 Annual Comprehensive 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. Accounting and Auditing Updates <br />A presentation from a representative with the firm of Malloy, Montague, Karnowski, Radosevich will review the <br />auditor's opinions contained in the Annual Comprehensive Financial Report, the Management Report and Special <br />Purpose Audit Report, and answer any questions from the Council. This presentation will be scheduled prior to <br />the regular City Council meeting to account for time and a brief summary will be presented at the beginning of <br />the regular City Council meeting. <br />Funding Source: <br />The 2023 annual audit was included in the 2023 General Fund Finance budget. <br />Recommendation: <br />Staff recommends acceptance of the 2023 Annual Comprehensive Financial Report. <br />Action: <br />Motion to accept the 2023 Annual Comprehensive Financial Report and authorize the Finance Director to submit <br />to 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 />2023 Annual Comprehensive Financial Report <br />