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APPROVED <br />•1 CITY OF LINO LAKES <br />2 MINUTES <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />S23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />046 <br />DATE <br />TIME STARTED <br />TIME ENDED <br />MEMBERS PRESENT <br />MEMBERS ABSENT <br />: June 2, 2008 <br />. 5:30 p.m. <br />. 10:02 p.m. <br />: Councilmember Gallup, O'Donnell, <br />Reinert and Mayor Bergeson <br />: Councilmember Stoltz <br />Staff members present: City Administrator, Gordon Heitke; Community Development Director, <br />Mike Grochala; Director of Public Safety, Dave Pecchia; Finance Director, Al Rolek; Public <br />Services Director, Rick DeGardner; Economic Development Coordinator, Mary Alice Divine; <br />City Clerk, Julie Bartell <br />1. 2007 Audit Presentation — Finance Director Rolek introduced Brock Geyen of Larson, <br />Allen, Weishair & Company, the city's auditor, to review the 2007 Audit Report. <br />Mr. Geyen explained the audit process that includes a review of the city's financial transactions <br />and reports for presentation and disclosure and a report on the city's legal compliance in <br />financial areas. He reported that Lino Lakes finance staff has been very responsive and easy to <br />work with during the audit process. It is the goal of the city to continue to receive the Certificate <br />of Achievement for Excellence in Financial Reporting and the auditor feels that this year's report <br />will meet that standard. <br />A council member requested that the report be distributed with more front-end review time next <br />year. <br />The Comprehensive Annual Financial Report (CAFR) was reviewed. The only independent <br />information provided by the auditor is the report beginning on page 9 that identifies their <br />independent role. The Management's Discussion and Analysis is a useful summary of the data <br />included in the document. Specifically, the General Fund balance is noted at $5,000,000+, <br />representing 62% of expenditures for the year (reserve), considered to be a healthy level. <br />Finance Director Rolek noted that fund balance is an important component in handling <br />fluctuating revenue that can occur throughout the year. He pointed out the section of the <br />document dealing with notes to the financial statements is a good review area that includes good <br />background and history. He added that the city did end the year with a surplus over $40,000, <br />even during a slow growth year. <br />Mr. Geyen continued his review of other funds, totaling $3,000,000+, much of that being bond <br />revenue from the Legacy at Woods Edge debt. The Water and Sewer Fund were also reviewed. <br />Overall, Mr. Geyen, suggested that the auditors feel management is doing a good job in <br />managing the finances of the city and the fund situation shows that. <br />