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Case//1: <br /> <br />Receipt of the 1997 Comprehensive Annual Financial Report (CAFR) <br />and Presentation of the Management Report by the Firm of Malloy, <br />Montague, Karnowski, Radosevich & Co. P.A. <br /> <br />Finance Officer Lund introduced Mr. Ken Malloy from the firm of Malloy, Montague, <br />Karnowski, Radosevich & Co., P.A., who is present to summarize the audit findings and <br />go over the management report with Council. <br /> <br />Ken Malloy, MMKR, explained that the City is required to undergo a certified audit, <br />annually, of all of its funds. He then presented the Management Report for the City of <br />Ramsey and briefly summarized each section. The report contains information on City <br />Finance in Minnesota/Legislative Trends, Financial Trends and Conditions of Your City, <br />Accounting and Reporting Comments, Accounting and Auditing Updates, and Formal <br />Required Communications. He advised there were no changes in significant accounting <br />policies or their application during the year audited. The audit of the 1997 financial <br />statements resulted in no audit adjustments which were considered significant enough to <br />be recorded by the City to prevent the financial statements from being misleading. <br /> <br />Ms. Lund pointed out that the CAFR is similar in appearance to last year with some <br />changes and improvements. The changes incorporated are consistent with the <br />recommendations from the review for the "Certificate of Achievement for Excellence in <br />Financial Reporting". She stated that it is staff's belief that this report is again a good <br />candidate for the receipt of the Certificate and requested authorization to submit the 1997 <br />CAFR for review and consideration. <br /> <br />Motion by Councilmember Beyer and seconded by Mayor Gamec to recommend Council <br />accept the 1997 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 <br />Finance Officers Association of the United States and Canada. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Beyer, Beahen, Haas <br />Steffen and Zimmerman. Voting No: None. <br /> <br />Case//7: Approve Mid-Year General Fund Budget Amendments <br /> <br />Finance Officer Lund explained that a mid-year budget amendment is necessary to <br />incorporate the hiring of a new Community Development Director, the addition of a <br />Corporal position, supplies relating to the start-up of the Volunteer Public Safety Aid <br />program, additional personnel costs pertaining to new Administrator's contract, City hall <br />design study, podium for Council Chambers, finance software upgrade for year 2000 <br />compatibility, and to implement a 3% - 1998 salary increase for employees (not including <br />LELS members) that was not included when the 1998 budget was adopted. <br /> <br />Finance Committee/June 23, 1998 <br /> Page 6 of 7 <br /> <br /> <br />