Management Report and Recommendations 12/31/1982

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I City of Lino Lakes Management Report, Page 46 • Review of Special Assessment - Construction and Debt Files to assure that the City's financial management system over construction and debt financing is adequate and to give the City the ability to properly and timely monitor and analyze the current status of its construc- tion projects. The accomplishment of the above tasks will provide both immediate and future bene- fits to the City. These benefits include: • Reduction of third party (consultant) fees in the per- formance of the year -end closing process and City reliance upon third parties for accurate and timely information. • Greater control over financial records of the City. • Greater and more timely access to current financial data. The main benefit to the City of Lino Lakes will be a tremendous increase in the Iinternal financial management abilities . and the timeliness of the City's financial information. The City's financial accounting system is not meant only to serve the City's auditors at year -end. It is meant, primarily, to serve the City Council and City Administration on a daily, weekly, or monthly basis. This can only be of benefit if the I City maintains financial accounting controls and financial information by its own per- . sonnel and on a timely basis. The preceding section of this report was designed to inform the City of financial environment changes to which the City has and must continue to address. The City is currently reviewing an alternate accounting system. Our office is available to assist the City in evaluating and implementing alternate accounting systems.