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MINiJTES OF THE WORKSHOP MEETING <br />CITY COUNCIL <br />LITTLE CANADA, MINNESOTA <br />JI1L~Y 24, 1996 <br />Pursuant to due call and notice thereof a workshop <br />meeting of the City Council of the City of Little <br />Canada, Minnesota was held on the 24th day of July, <br />1996 in the Council Chambers of the City Center located <br />at 515 Little Canada Road in said City. <br />Mayor Michael I. Fahey called the meetinq to order at <br />6:30 P.M. and the following members of the City Council <br />were present at roll call: <br />CITY COUNCIL: <br />ALSO PRESENT: <br />Mayor Mr. <br />Council Member Mr. <br />Council Member Mr. <br />Council Member Mr. <br />Council Member Mrs. <br />City Admin. Mr. <br />City Auditor Mr. <br />Admin. Asst. Mrs. <br />Michael I. Fahey <br />Bob Pedersen <br />Jim LaValle <br />Steve Morelan <br />Beverly Scalze <br />Joel Hanson <br />Mark Gibbs <br />Kathy Glanzer <br />1995 AUDIT Mark Gibbs, City Auditor, presented the City's 1995 <br />REPORT Annual Financial Report as well as Management Report <br />and Recommendations. Gibbs reviewed the Independent <br />Auditor's Report on page 7 of the Annual Financial <br />Report, pointing out that while the City does not <br />retain a complete listing of general fixed assets, the <br />City's operations and cash flows of its proprietary <br />fund types for 1995 were in conformity with generally <br />accepted accounting principles. <br />Gibbs presented a more detailed review of the <br />Management Report and Recommendations. Gibbs informed <br />the Council of Minnesota Statute changes which result <br />in changes in accounting and financial reporting <br />standards for government entities which will likely go <br />into effect in 1998. Gibbs felt that the City's <br />accountant will be able to do most of the work which <br />will result from these changes. Therefore, future City <br />audit expense should not increase as a result of these <br />changes. <br />Gibbs pointed out that during 1995 the General Fund <br />balance increased by $34,297 after a cash transfer of <br />$92,000 to the General Capital Improvements Fund to <br />finance future capital outlay programs. <br />1 <br />