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• <br />• <br />CITY COUNCIL WORK SESSION JUNE 8, 2005 <br />APPROVED <br />1 <br />2 <br />3 CITY OF LINO LAKES <br />4 MINUTES <br />5 <br />6 DATE : June 8, 2005 <br />7 TIME STARTED : 5:38 p.m. <br />8 TIME ENDED : 10:32 p.m. <br />9 MEMBERS PRESENT : Councilmember Carlson, Dahl <br />10 Reinert, Stoltz and Mayor Bergeson <br />11 MEMBERS ABSENT : None <br />12 <br />13 Staff members present: City Administrator, Gordon Heitke; Community Development <br />14 Director, Michael Grochala; City Engineer, Jim Studenski; Chief of Police, Dave Pecchia <br />15 (part); Finance Director, Al Rolek (part); and Economic Development Coordinator, Mary <br />16 Alice Divine (part). <br />17 <br />18 <br />19 2004 FINANCIAL AUDIT, AL ROLEK <br />20 <br />21 Finance Director Rolek advised Darwin Viker of Larson, Allen, Weishair & Company is <br />22 present this evening to distribute the 2004 Annual Financial Report and provide an <br />23 overview of the City's financial statements, present the auditor's management analysis <br />24 and answer any questions with regard to the financial condition of the City. <br />25 <br />26 Mr. Viker advised the audit took place back in March. He indicated he would provide an <br />27 overview of the audit. He noted the City has received a Certificate of Achievement for <br />28 Excellence in Financial Reporting from the Government Finance Officers Association of <br />29 the United States and Canada for its 2003 Comprehensive Annual Financial Report. He <br />30 stated he believes the report for 2004 continues to uphold the standards of reporting <br />31 excellence that this prestigious award represents. <br />32 <br />33 Mr. Viker referred to the Comprehensive Annual Financial Report noting the basic <br />34 financial statements are the responsibility of the City's management. The auditor's <br />35 responsibility is to express an opinion on these basic financial statements based on the <br />36 audit. <br />37 <br />38 Mr. Viker provided an overview of the audit noting the Management's Discussion and <br />39 Analysis section is new to the audit and provides a synopsis of the City's financial <br />40 activities. <br />41 <br />42 Mr. Viker referred to the City of Lino Lakes, Minnesota Other Auditor Reports Year <br />43 Ended December 31, 2004. He reviewed the highlights of each report noting the <br />44 auditor's suggestions for the City's consideration. He stated he understands some of the <br />45 recommendations are in the process of implementation or may already have been <br />