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<br /> <br /> STAFF REPORT <br /> <br /> <br /> <br />TO: Mayor Keis and Members of the City Council <br /> <br />FROM: Brenda Malinowski, Finance Director <br /> DATE: June 4, 2020 <br /> RE: 2019 Comprehensive Annual Financial Report <br /> <br /> <br />ACTION REQUESTED <br />Receive and accept the 2019 Comprehensive Annual Financial Report (CAFR). <br />BACKGROUND <br /> <br />Michelle Hoffman and Lance Lauinger with the City’s auditing firm, CliftonLarsonAllen (CLA) <br />will present the 2019 CAFR highlights. <br />The auditors have provided an unmodified opinion on the financial statements, which is the <br />highest opinion that can be given. The City is required by Minnesota law to have an external <br />audit completed annually. The audit provides reasonable assurance to the City Council and <br />stakeholders that the financial statements are free of material misstatement and that the financial <br />statements are complete and reliable. <br />The Transmittal Letter (pages 3-8) and the Management’s Discussion and Analysis (pages 19- <br />28) in the CAFR provide an overview of the 2019 City’s financial operations and results. <br />Council will have the opportunity to ask questions after the presentation. <br />STAFF RECOMMENDATION <br /> <br />Receive and accept the 2019 Comprehensive Annual Financial Report. <br /> <br />ATTACHMENTS <br /> <br />• Governance Communication <br />• Internal Control Letter <br />• Legal Compliance Letter <br />• 2019 Comprehensive Annual Financial Report <br />