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MINUTES <br />CITY COUNCIL <br />JULY 9, 2014 <br />Moeller reviewed the Communication With Those Charged With <br />Governance, and reported that there were no disagreements with <br />management or significant difficulties encountered in performing the <br />audit. She pointed out that the City implemented GASB 65, Items <br />Previously Reported as Assets and Liabilities during 2013. Moeller <br />indicated that the City will be required to implement GASB 68, Financial <br />Reporting for Pensions for the year ended December 31, 2015. This will <br />require the City to record a liability for its proportionate share of the net <br />pension liability for PERA. <br />Montour asked how frequently donations needed to be accepted. Moeller <br />reported that the State Statute is not clear on that, but suggested every few <br />months. The City Administrator pointed out that the donations that were <br />not accepted during 2013 were relative to the Veterans Memorial. The <br />Administrator noted that the project was not officially approved to move <br />forward until 2014. Therefore, donations made were not accepted as there <br />was the possibility that they would need to be returned. A list of all <br />donations to date will be presented to the Council for acceptance at an <br />upcoming meeting. <br />McGraw asked about GASB 68 and whether this would apply to Fire <br />Department pensions in addition to City employee PERA pensions. <br />Moeller reported that in the case of the Little Canada Fire Department <br />which has non-profit status it would not apply. If the Fire Department <br />were a department of the City, then GASB 68 would apply. Boss asked <br />why GASB 68 was implemented. Moeller indicated that it is an effort to <br />communicate unfunded pension liability and get it on the books. <br />It was noted that the 2013 Audit will be available on the City's web site. <br />Moeller thanked City staff for their assistance during the audit. She again <br />noted the clean opinion issued for the City for 2013. <br />The Council thanked Moeller for her presentation. <br />McGraw introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2014-7-123 — ACCEPTING THE 2013 AUDIT AS <br />PRESENTED BYREDPATHAND COMPANY, CITY AUDITORS <br />The foregoing resolution was duly seconded by Keis. <br />Ayes (4). <br />Nays (0). Resolution declared adopted. <br />3 <br />