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CITY COUNCIL WORK SESSION June 4, 2018 <br />DRAFT <br /> 3 <br />he has requested additional information from staff and is awaiting that. Mayor Reinert 89 <br />said he doesn’t want to see the process rushed as it’s too important. 90 <br />3. Review 2017 Annual Audit, Redpath & Company, Ltd. - Finance Director 91 <br />Cotton introduced Andy Hering of Redpath & Company to share the results of the 2017 92 <br />City Audit. 93 <br /> 94 <br />Mr. Herring reviewed a PowerPoint presentation outlining: 95 <br /> 96 <br />- City received Certificate of Excellence in Financial Reporting (Mayor asked if any cities 97 <br />that apply and pay $500 are ever turned down; Mr. Herring remarked that there could be a 98 <br />situation of denial; Ms. Cotton added that part of the value of the process is that the City 99 <br />gets comments and can use that for the future; 100 <br />- Follow Up on 2016 Findings (internal controls and Minnesota Legal Compliance); 101 <br />- Reports Issued by Auditor (internal control, legal compliance, letter to council); 102 <br />- Opinion on Financial Statements – based on financial statements, audited in accordance 103 <br />with accepted standards, given with reasonable assurance; 104 <br />- Report on Internal Controls - the controls were found suitable; 105 <br />- Report on Minnesota Legal Compliance; 106 <br />- Communication to Those Charged with Governance. 107 <br /> 108 <br />The findings are as good as it gets for audit reporting. 109 <br /> 110 <br />Mr. Hering continued with his presentation: 111 <br />- Pension liabilities; Mayor Reinert asked if there is a point where there is enough 112 <br />information to show a level future; Public Safety Director Swenson explained that the 113 <br />pension fund set up for the firefighters is administered by PERA but there is no state 114 <br />money involved; 115 <br />- Summary of Financial Activity – snapshot of 2017; 116 <br />- General Fund Summary & 5 Year History; 117 <br />- General Fund Monthly Cash Balance; 118 <br />- Special Revenue Funds (special notice of the federal narcotics funds that arrived in 119 <br />2017; Mayor Reinert asked that staff provide a list of how that money is being used); 120 <br />- Debt Service Funds; 121 <br />- Capital Funds; 122 <br />- Enterprise Funds – Change in Net Position & Cash Flow. 123 <br /> 124 <br />Mr. Hering added that the audit process was with everything well prepared by staff. 125 <br /> 126 <br />Council Member Rafferty noted a past City contribution to the Beyond the Yellow 127 <br />Ribbon group that was eventually found to be inappropriate use of public funds and he 128 <br />wonders how that is best rectified; what plan would be appropriate to return that funding. 129 <br />Mr. Herring didn’t offer a plan but concurred that the funds should go back. 130 <br /> 131