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City of Lino Lakes <br />Management Report, Page 40 <br />The accomplishment of the above tasks will provide both immediate and future bene- <br />fits to the City. These benefits include: <br />• Reduction of third party (consultant) fees in the performance of <br />the year -end closing process and City reliance upon third parties <br />for accurate and timely information. <br />• Greater control over financial records of the City. <br />• Greater and more timely access to current financial data. <br />The main benefit to the City of Lino Lakes will be a tremendous increase in the <br />internal financial management abilities and the timeliness of the City's financial <br />information. The City's financial accounting system is not meant only to serve the <br />City's auditors at year -end. It is meant, primarily, to serve the City Council and City <br />Administration on a daily, weekly, or monthly basis. This can only be of benefit if the <br />City maintains financial accounting controls and financial information by its own per- <br />sonnel and on a timely basis. <br />The preceding section of this report was designed to inform the City of financial <br />environment changes to which the City has and must continue to address. The City has <br />been reviewing alternate data processing. Our office is available to assist the City in <br />evaluating and implementing alternate accounting systems. <br />City Purchasing Procedures <br />The Minnesota Municipal Contracting Law (section 471.345) establishes purchasing <br />parameters as follows: <br />471.345 UNIFORM MUNICIPAL CONTRACTING LAW (Excerpts) <br />Subd. 2. Contract defined. A "contract" means an agreement entered <br />into by a municipality for the sale or purchase of supplies, materials, <br />equipment or the rental thereof, or the construction, alteration, <br />repair or maintenance of real or personal property. <br />1 <br />