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CITY COUNCIL WORK SESSION JUNE 23, 2004 <br />APPROVED <br />• 1 <br />2 <br />3 CITY OF LINO LAKES <br />4 MINUTES <br />5 <br />6 <br />7 <br />8 DATE : June 23, 2004 <br />9 TIME STARTED : 5:37 p.m. <br />10 TIME ENDED : 8:30 p.m. <br />11 MEMBERS PRESENT : Councilmember Dahl, Carlson, Reinert, <br />12 Stoltz and Mayor Bergeson <br />13 MEMBERS ABSENT : None <br />14 <br />15 <br />16 Staff members present: City Administrator, Gordon Heitke; Community Development <br />17 Director, Michael Grochala; City Engineer, Jim Studenski (part); Economic Development <br />18 Assistant, Mary Alice Divine (part); Finance Director, Al Rolek (part); and City Clerk, <br />19 Ann Blair (part) <br />20 <br />21 2003 AUDIT REPORT, AL ROLEK, DARWIN VIKER <br />22 <br />23 Finance Director Rolek advised Mr. Darwin Viker, Larson, Allen, Weishair & Company <br />• 24 is present this evening to provide an overview of the City's financial statements and <br />25 present the auditor's management analysis. <br />26 <br />27 Mr. Viker referred to the Independent Auditors Report noting the financial statements are <br />28 the responsibility of the City. The responsibility of the auditor is to express an opinion <br />29 on these basic financial statements based on the audit. The audit was made for the <br />30 purpose of forming an opinion on the basic financial statements taken as a whole. <br />31 <br />32 Mr. Viker advised the City implemented GASB statement 34 for the year 2003, which <br />33 changes the emphasis on financial reporting from a fund -based modified accrued basis of <br />34 accounting to an entity -wide full accrual reporting basis. <br />35 <br />36 Mr. Viker reviewed the financial statements of the City including revenue, assets, net <br />37 assets and liabilities noting the City currently has an adequate fund balance. He indicated <br />38 the City has received the Certificate of Achievement for Excellence in Financial <br />39 Reporting from the Government Finance Officers Association of the United States and <br />40 Canada for its 2002 Comprehensive Annual Financial Report. He advised he believes <br />41 that the report issued for 2003 continues to uphold the standards of reporting excellence <br />42 that this prestigious award represents. <br />43 <br />44 Mr. Viker referred to the City of Lino Lakes, Minnesota Other Auditor Reports noting the <br />45 results of the tests disclosed no instances of non-compliance. He stated that during the <br />46 course of the audit, several items came to his attention that could be addressed by the City <br />• 47 to more efficiently run the City's operations or improve its controls. He gave an <br />