HomeMy WebLinkAbout06/08/2005 Council PacketWORK SESSION AGENDA
CITY OF LINO LAKES
Wednesday
June 8, 2005
CITY COUNCIL WORK SESSION
Community Room (not televised)
5:30 P.M.
1. 2004 Financial Audit (handout Wednesday)
2. VLAWMO Reorganization
3. Civic Complex Energy Assessment (handout Wednesday)
4. Meeting minutes corrections — April 6, April 20
5. Regular Agenda Items
6. Adjourn
Revised 06/06/05 ajb 11:35 a.m.
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WORK SESSION MEMORANDUM
STAFF ORIGINATOR Al Rolek
MEETING DATE June 8, 2005
TOPIC 2004 Audit Report
VOTE REQUIRED Simple Majority (3/5)
BACKGROUND
Darwin Viker of Larson, Allen, Weishair & Company will be in attendance at the meeting to
distribute the 2004 Annual Financial Report and provide an overview of the City's financial
statements, present the auditor's management analysis and answer any questions you may have
with regard to the financial condition of the City. GASB Statement 34, implemented in the year
2003, changes the emphasis on financial reporting from a fund - based, modified accrual basis of
accounting to an entity -wide, full accrual reporting basis. The significance of this change and its
affects on our reporting structure will be reviewed by Mr. Viker during his review.
The 2004 annual audit was undertaken by the City's auditors, Larson, Allen, Weishair &
Company, LLP, earlier this year, with field work being completed in late March. The auditors
review all financial transactions and the financial reports of the City over the previous year for their
fairness in presentation and for full disclosure of all material aspects of the City's financial
condition. This review is conducted in accordance with generally accepted auditing standards and
the standards applicable to financial audits contained in U.S. Government Auditing Standards,
issued by the Comptroller General of the United States. The auditors concluded that the City's
financial statements for 2004 presented fairly, in all material respects, the financial position of the
City as of December 31, 2004. The auditors also issue their reports on the City's legal
compliance with certain laws, regulations, contracts, etc., our internal control structure, and
management issues.
It should be noted that the City has received the Certificate of Achievement for Excellence in
Financial Reporting from the Government Finance Officers Association of the United States and
Canada for its 2003 Comprehensive Annual Financial Report. We believe that the report issued
for 2004 continues to uphold the standards of reporting excellence that this prestigious award
represents.
Staff recommends that the City Council formally, by motion, accept the 2004 Annual Audit Report
at the June 13, 2005 City Council meeting.