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FC CASE <br /> <br />RECEIPT OF THE 1997 COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) <br />AND PRESENTATION OF THE MANAGEMENT REPORT BY THE FIRM OF <br />MALLOY, MONTAGUE, KARNOWSKI, RADOSEVICH & CO., P.A. <br /> By: Diana Lund, Finance Officer <br /> <br />(DUE TO TIME RESTRAINTS, CAFR AND MANAGEMENT REPORT WILL BE <br /> DELIVERED WHEN COMPLETED) <br /> <br />Background: <br /> <br />The City of Ramsey is required to undergo a certified audit, on an annual basis, of all of its funds <br />and account groups. This audit is performed by the firm of Malloy, Montage, Kamowski, <br />Radosevich & Co., P.A. The preparation of the Comprehensive Annual Financial Report <br />(CAFR) is done by the Finance Department. <br /> <br />The report, as it appears this year, is similar in appearance to last years report, with some changes <br />and improvements. Incorporated into the 1997 CAFR are changes that are consistent with <br />recommendations from the review for the "Certificate of Achievement for Excellence in <br />Financial Reporting: (Certificate). It is our belief that this report is again a good candidate for <br />receipt of the Certificate and it is intended that we submit the 1997 CAFR for review and <br />consideration. <br /> <br />The transmittal letter at the beginning of the report provides an overview of the years happenings <br />and summarizes the detail contained in all of the exhibits and schedules. I would recommend <br />that you take the time to review this transmittal letter and if there are questions, they can be <br />addressed either at the meeting or you can contact me directly. <br /> <br />The auditors, as a part of their work, prepare a Management Report for the City. This report <br />contains information on the following: <br /> <br />1. City Finance in Minnesota/Legislative Trends <br />2. Financial Trends and Conditions of Your City <br />3. Accounting and Reporting Comments <br />4. Accounting and Auditing Updates <br />5. Formal Required Communications <br /> <br />A representative with the firm of Malloy, Montague, Kamowski, Radosevich and Co., P.A. will <br />be in attendance at the Finance Committee to review the auditors opinions contained in the <br />CAFR, the Management Report and answer any questions that you might have. <br /> <br />Committee Action: <br /> <br /> <br />