Agenda - Council - 08/23/1988 - Laserfiche WebLink

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PANNELL KERR FORSTER Certified Public Accountants 410 Park National Bank Bldg. 5353 Wayzata Boulevard Minneapolis. MN 55416 Telephone (612) 545-0421 Honorable Mayor and Councilmembers City of Ramsey Ramsey, Minnesota We have performed selected audit procedures on the accounting records of the City of Ramsey as required by Minnesota Statutes Section 574.23 relating to the resignation of Noel J; Graczyk, City Finance Officer, as agreed upon in our arrangement letter dated June 2, 1988. The scope of the examination did not include all procedures: and tests that would be required to express a complete audit opinion. Our procedures and findings are as follows: I o We reconciled the City's checking and savings accounts with the Northern Bank to the accounting records as of June 10, 1988. Total cash in these accounts per the City's records at June 10, 1988, was $108,251.94. o We reviewed the ledgers for unusual transactions. justification for all transactions questioned. We found reasonable o , We reviewed all investment transactions which the City encountered with First Minneapolis and Dain Bosworth and verified the June 10, 1988, balance through direct contact with representatives of both institu- tions. We found all invested funds properly accounted for within the City's records~ The following is a summary of outstanding investments as of June 10,11988: Cost First Minneapolis Commercial Paper Bankers' Acceptance Dain Bosworth Commercial Paper Certificates of Deposit Treasury Receipts Federal National Mortgage Association $1,198,554.40 313,992.00 3,577,844.28 868,729.50 492,690.00 1,365,000.00 (Continued)