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MINUTES <br />CITY COUNCIL <br />JUNE 10, 2020 <br />Michelle Hoffinan and Lance Lauinger with CliftonLarsonAllen, the City's auditors, were in <br />attendance to review the City of Little Canada's 2019 Comprehensive Financial Report. <br />Ms. Hoffinan reported that all city staff cooperated with the audit and they were able to obtain all <br />needed information. She stated they are issuing an Unmodified, "clean" audit opinion on the <br />financial statements which is the best they can give. <br />Mr. Lauinger reviewed the unassigned fiend balance in the General Fund, which is the liquid <br />portion of the City's finances since it is not designated for a specific purpose. He noted that the <br />City's main revenue is from property taxes which is received two times per year. He stated that <br />the City's financial results have been fairly consistent over the last five years which is something <br />that they are looking at. He explained the charts showing the Enterprise Funds operating <br />income. <br />Ms. Hoffinan reviewed the financial results and the various funds, revenues, and expenditures, <br />and compared the last few years. She showed how Little Canada compares to other cities and the <br />state average in property tax levels. She stated that the General Fund balance is well within any <br />recommended guidelines from the State Auditor's Office. She explained that a change put in <br />effect by GASBY regarding capital leases has now been postponed and will not go in to effect <br />until December 31, 2022. <br />Montour introduced the following resolution and moved its adoption: <br />RESOL UTION NO. 2020-6-74 — ACCEPT THE 2019 COMPREHENSIVE ANNUAL <br />FINANCIAL REPORT AS PRESENTED BY CITY A UDITOR <br />CLIFTONLARSONALLEN <br />The foregoing resolution was duly seconded by Keis. <br />Roll Call Vote: Keis/Torlcelson/Fischer/Montour/McGraw <br />Ayes (5). Nays (0). Resolution declared adopted. <br />CONSENT AGENDA <br />Montour introduced the following resolution and moved its adoption: <br />RESOL UTION NO. 2020-6-75 — APPROVING THE CONSENT AGENDA WHICH <br />CONTAINS THE FOLLOWING: <br />*APPROVAL OF THE VOUCHERS <br />*APPROVE CHANGE ORDER NO. 1 & PARTIAL PAYREQUEST NO. 2 TO <br />CUSTOM B UIDERS, CINN, FOR LITTLE CANADA ROAD STREETSCAPE IMP. <br />PROJECT 2020-02 <br />2 <br />