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05-17-88 CCM
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05-17-88 CCM
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Marilyn -Banister, <br />City of Lake Elmo <br />April 28, 1988 <br />Page Two <br />Finance Director <br />With regard to GASB #5, the Lake Elmo Firemen's Relief Asso- <br />ciation is considered a public employees retirement system <br />(PEAS). As such, the disclosure requirements are significant. <br />The 1967 annual financial report contains a significantly <br />expanded note regarding the Firemen's Relief Association, in- <br />cluding three-year tables and funding percentages. <br />Both of these changes were "one-time" type changes and such <br />additional work will not recur for ensuing years. $1,482.50 <br />3. The legal compliance scope was expanded to review the levies <br />of the City. As we discussed, one of your debt levies re- <br />quired research to determine that there was a basis for the <br />levy. Our audit concluded that the existence of a debt ser- <br />vice fund deficit did give the City the authority to levy <br />for that debt fund. Additionally, the City levied the infra- <br />structure reserve fund which is statutorily governed. A <br />separate fund for the infrastructure replacement fund was <br />established for the 1987 annual financial report. $ 403.00 <br />4. The annual financial report of the City continues to become <br />more regulated as the Governmental Accounting Standards Board <br />issues new standards. Additionally, for the 1987 report, you <br />will notice that we converted the annual financial report to <br />a micro -based production system. We believe that this system <br />not only will produce an annual financial report of equal or <br />better quality than the City has received in the past, it will, <br />in our opinion, improve the efficiency for the 1988 and future <br />audits. The micro -based system will be available at the City <br />during field work. Additionally, we anticipate leaving such a <br />micro system with you as you prepare the annual financial <br />report (or in cooperation with one of our staff available at <br />the City during field work). $1,635.50 <br />if you have questions on any of the above items, or require further explanation, <br />please advise. As always, we appreciate the opportunity to work with the City <br />of Lake Elmo. <br />Sincerely, <br />VOTO, TAUTGES, REDPATH & CO., LTD. <br />/ 1� <br />RobertG. Tautges, CPA <br />RGT/lh <br />
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