Laserfiche WebLink
CITY COUNCIL WORK SESSION June 4, 2018 <br />APPROVED <br />89 he has requested additional information from staff and is awaiting that. Mayor Reinert <br />90 said he doesn't want to see the process rushed as it's too important. <br />91 3. Review 2011 Annual Audit, Redpath &Company, Ltd. -Finance Director <br />92 Cotton introduced Andy Hering of Redpath & Company to share the results of the 2017 <br />93 City Audit. <br />94 <br />95 Mr. Herring reviewed a PowerPoint presentation outlining: <br />96 <br />97 - City received Certificate of Excellence in Financial Reporting (Mayor asked if any cities <br />98 that apply and pay $500 are ever turned down; Mr. Herring remarked that there could be a <br />99 situation of denial; Ms. Cotton added that part of the value of the process is that the City <br />100 gets coinments and can use that for the future; <br />l01 - Follow Up on 2016 Findings (internal controls and Minnesota Legal Compliance); <br />102 - Reports Issued by Auditor (internal control, legal compliance, letter to council); <br />103 - Opinion on Financial Statements — based on financial statements, audited in accordance <br />104 with accepted standards, given with reasonable assurance; <br />105 - Report on Internal Controls - the controls were found suitable; <br />106 - Report on Minnesota Legal Compliance; <br />107 - Communication to Those Charged with Governance. <br />108 <br />109 The findings are as good as it gets for audit reporting. <br />110 <br />111 Mr. Hering continued with his presentation: <br />112 - Pension liabilities; Mayor Reinert asked if there is a point where there is enough <br />113 information to show a level future; Public Safety Director Swenson explained that the <br />114 pension fund set up for the firefighters is administered by PERA but there is no state <br />115 money involved; <br />116 - Summary of Financial Activity — snapshot of 2017; <br />117 - General Fund Summary & 5 Year History; <br />118 - General Fund Monthly Cash Balance; <br />119 - Special Revenue Funds (special notice of the federal narcotics funds that arrived in <br />120 2017; Mayor Reinert asked that staff provide a list of how that money is being used); <br />121 - Debt Service Funds; <br />122 - Capital Funds; <br />123 - Enterprise Funds — Change in Net Position & Cash Flow. <br />124 <br />125 Mr. Hering added that the audit process was with everything well prepared by staff. <br />126 <br />127 Council Member Rafferty noted a past City contribution to the Beyond the Yellow <br />128 Ribbon group that was eventually found to be inappropriate use of public funds and he <br />129 wonders how that is best rectified; what plan would be appropriate to return that funding. <br />130 Mr. Herring didn't offer a plan but concurred that the funds should go back. <br />131 <br />3 <br />