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MINUTI/S <br />CITY COUNCIL <br />AUGUST 10, 2005 <br />The foregoing resolution was duly seconded by Allan. <br />Ayes (3). <br />Nays (0). Resolution declared adopted. <br />200a AUDIT Mark Gibbs, Tautges Redpath, presented the City's 2004 Audit Report <br />REPORT to the Council. Gibbs reported that commencing with 2004, the City was <br />required to comply with GASB 34 standards which required the City to <br />report and depreciate fixed assets similar to financing reporting required of <br />businesses. Gibbs reported Chat the City now has a complete listing of its <br />general fixed assets. Gibbs commended City staff, especially the Finance <br />Director, for the work done in complying with GASB 34 requirements. <br />Gibbs reported that the City is in a very strong financial position with very <br />little debt. He indicated that Little Ca~rada has one of the highest ratios of <br />assets to total net worth of any of the cities that his firm audits. Gibbs also <br />pointed out that accounting standards requires the designation of <br />"Unrestricted Assets" on the balance sheeC; however, these assets are <br />designated for management purposes. <br />The City Administ~ ator reported that cash balances are designated to <br />various infrastructure funds such as the Water & Sewer Fund and Capital <br />Replacement Fund for street replacement, trail improvements, equipment <br />replacement, etc. Gibbs noted that schedules of reserve designations are <br />included in the report. <br />Blesener noted thaC the credit for The City's strong financial position goes <br />to past Mayors and Council Members as well as to the City Administrator <br />for his strong fiscal practices and the Finance Director. <br />Gibbs noted that Che City received a clean financial position. The only <br />area of note is that of internal controls. Gibbs pointed out that <br />strengthening internal controls is difficult for a small city with limited <br />staff. This is offset, however, by the fact that the City Council reviews <br />and approves all bills and payments. <br />Mr. Blesener introduced the following resolution and moved its adoption <br />RESOLUTION NO.2005-8-176 -ACCEPTING THE 2004 AUDIT <br />REPORT AS PRESENTED <br />The foregoing resolution was duly seconded by Allan. <br />Ayes (3). <br />Nays (0). Resolution declared adopted. <br />7 <br />