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FINANCE COMMITTEE <br />CITY OF RAMSEY <br />ANOKA COUNTY <br />STATE OF MINNESOTA <br /> <br />The Ramsey Finance Committee conducted a regular meeting on Tuesday, June 25, 1996, at the <br />Ramsey Municipal Center, 15153 Nowthen Boulevard NW, Ramsey, Minnesota. <br /> <br />Members Present: <br /> <br />Mayor Glen Hardin <br />Councilmember Sheila Beyer <br />Councilmember Kenneth Peterson <br />Councilmember Gerald Zimmerman <br /> <br />Members Absent: Councilmember Carolyn Beahen <br /> <br />Also Present: <br /> <br />City Administrator Ryan Schroeder <br />Finance Officer Jessie Hart <br /> <br />CALL TO ORDER <br /> <br />Councilmember Peterson called the regular meeting of the Finance Committee to order at 6:04 p.m. <br /> <br />CITIZEN INPUT <br /> <br />None <br /> <br />APPROVE AGENDA <br /> <br />Consensus was to approve the agenda as presented. <br /> <br />COMMITTEE BUSINESS: <br /> <br />Case #1: <br /> <br />Presentation of the Management Report on the 1995 Comprehensive <br />Annual Financial Report by Ken Malloy, Partner with the Firm of <br />Malioy, Montague, Karnowski, Radosevich & Co., P.A. <br /> <br />Finance Officer Hart introduced Ken Malloy and Dennis Hoogeveen from the firm of Malloy, <br />Montague, Karnowski, Radosevich & Co. P.A. <br /> <br />Ken Malloy summarized and highlighted the Management Report for the Finance Committee. He <br />touched on Governmental Funds which include general, special revenue, debt service and capital <br />project funds. He commented on tax rates and expenditure trends. He concentrated on the <br />financial trends and conditions of the City of Ramsey. He talked about general fund expenditures <br />by function plus elaborated on the enterprise funds. He commended the City for its bid <br />compliance, complimented it for receiving the GFOA Award Certification for the 1994 CAFR and <br />noted the benefits of honor. He noted that the City does an excellent job in maintaining accounting <br />records but also the weakness of the internal control structure. He pointed out that this weakness <br />was due to a limited number of staff - not an inefficient use of staff. He added that the financial <br />records are the reason the City is in such good financiai condition. <br /> <br />Councilmember Peterson thanked Mr. Malloy and commended the financial staff on a job done <br />well and expressed hope that the tax payers appreciate the diligence of staff. <br /> <br />Finance Committee/June 25, 1995 <br /> Page 1 of 2 <br /> <br /> <br />