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• MMKR has issued an unqualified opinion on the City's financial <br />statements. <br />• The results of the testing disclosed no instances of noncompliance that are <br />required to be reported under Government Auditing Standards. <br />• MMKR noted that the Schedule of Expenditures of Federal Awards is <br />fairly stated, in all material respects, in relation to the basic financial <br />statements. <br />Governmental Funds Overview <br />Financial Trends and Conditions <br />• The City is in good financial health. There is a misconception that Ramsey Town <br />Center is somehow involved with the City as far as its financial assets, which is <br />not true. The impact of development has had less activity and permits, but the <br />general fund has cut back on expenditures and adapted nicely to the activity that <br />has occurred. <br />• MMKR gave a very positive comment on the financial condition of the City. <br />Some very minor recommendations were made. In general, the City finances are <br />well run and there were no significant comments from the audit standpoint. <br />Mayor Gamec stated there was a review of the audit in work session. One of the most important <br />things about running the City is finances. He would like to thank Finance Officer Lund and the <br />Finance Department for the fine job they do. He announced copies of the audit report are <br />available at City Hall. <br />Finance Officer Lund thanked MMKR for the audit and announced the audit will be available on <br />the City website tomorrow. <br />CITIZEN INPUT <br />None. <br />APPROVE AGENDA <br />Motion by Councilmember Strommen, seconded by Councilmember Jeffrey, to approve the <br />agenda as submitted. <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Strommen, Jeffrey, Dehen, Elvig, <br />Look, and Olson. Voting No: None. <br />CONSENT AGENDA <br />Motion by Councilmember Olson, seconded by Councilmember Elvig, to approve the following <br />items on the Consent Agenda: <br />1) Note the following Commission Meeting Minutes <br />a) Economic Development Authority (EDA)/Regular /April 19, 2007 <br />b) Board of Adjustment/Regular/May 3, 2007 <br />City Council / June 26, 2007 <br />Page 3 of 38 <br />