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COUNCIL MINUTES June 10, 2019 <br />APPROVED <br />46 Temporary On -Sale Liquor License, a Cabaret License, <br />47 Exemption for Gambling Permit and Parade Run Permit for <br />48 the Annual St. Joseph's Church's August Festival Approved <br />49 <br />50 Consideration of Not Waiving Monetary Limits on Tort <br />51 Liability per MN Statute 466.04 Approved <br />52 <br />53 FINANCE DEPARTMENT REPORT <br />54 <br />55 2A) Consider Accepting 2018 Audit Report, Redpath and Company, Ltd — Finance Director <br />56 Cotton noted that the City contracts annually for a financial audit. The 2018 audit was performed by <br />57 Redpath and Company and she introduced company representative Andy Hering to present the audit <br />58 results. <br />59 <br />60 Mr. Hering reviewed a PowerPoint presentation that included information on the following: <br />61 - Recap of audit process <br />62 - Opinion on Finance Statement; <br />63 - Report on Internal Controls; <br />64 - Report on Legal Compliance; <br />65 - Communication to Those Charged with Governance. <br />66 <br />67 It was noted that the council had more fully reviewed the audit results at the last work session. <br />68 <br />69 Council Member Stoesz asked for Mr. Hering's opinion on transitioning to electronic transactions <br />70 instead of paper checks. Mr. Hering explained how that process is engaged and regulations that <br />71 govern the process. There could be implications on the work level for city finance staff. <br />72 <br />73 Council Member Rafferty asked Mr. Hering, in his experience, is there a way to get a better return on <br />74 the City's investment dollars; are other cities doing something better? Mr. Hering responded that <br />75 generally the answer would be no; the cities that he works with are pretty much similar in their <br />76 investment technique. One variable is how long you are willing to keep money in one area. He feels <br />77 that the City is in the ballpark with what other cities are getting in returns. <br />78 <br />79 Council Member Maher moved to accept the results of the 2018 audit as presented. Council Member <br />8o Stoesz seconded the motion. Motion carried on a voice vote. <br />81 <br />82 ADMINISTRATION DEPARTMENT REPORT <br />83 There was no report from the Administration Department. <br />84 <br />85 PUBLIC SAFETY DEPARTMENT REPORT <br />86 <br />87 There was no reports from the Public Safety Department. <br />88 <br />89 PUBLIC SERVICES DEPARTMENT REPORT <br />2 <br />