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Consent # 6 <br />RECEIPT OF THE 2006 COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) <br />By Diana Lund, Finance Officer <br />Background: <br />The City of Ramsey is required to undergo a certified audit, on an annual basis, of all of its funds and <br />account groups. This audit is performed by the firm of Malloy, Montague, Karnowski, Radosevich & <br />Co., P.A. <br />This is the third year that the City of Ramsey has had to report under the reporting format known as <br />GASB 34. <br />Incorporated into the 2006 CAFR are changes that are consistent with recommendations from the <br />review for the "Certificate of Achievement for Excellence in Financial Reporting: (Certificate) and <br />any reporting changes required by the Governmental Accounting Standards Board (GASB). It is our <br />belief that this report is again a good candidate for receipt of the Certificate and it is intended that we <br />submit the 2006 CAFR for review and consideration. <br />The auditors, as a part of their work, prepare a Management Report for the City. This report contains <br />information on the following: <br />1. Audit Summary <br />2. Funding Cities in Minnesota <br />3. Governmental Fund Overview <br />4. Financial Trends and Conditions of Your City <br />5. Accounting and Auditing Updates <br />A presentation from a representative with the firm of Malloy, Montague, Kamowski, Radosevich will <br />review the auditors opinions contained in the CAFR, the Management Report and answer any <br />questions that Council may have. This presentation will be scheduled prior to the regular City <br />Council meeting to account for time. <br />Funding Source: <br />The 2006 annual audit was included in the 2007 General Fund Finance budget. <br />Council Action: <br />Motion to recommend Council accept the 2006 Comprehensive Annual Financial Report and <br />authorize the Finance Officer to submit to the State of Minnesota Department of Revenue and other <br />agencies, as 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 />Reviewed by: <br />Interim City Administrator <br />Finance Officer <br />CC: 6/26/07 <br />_11_ <br />