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Item No. 9D <br />Type of Business: CB <br />WK: Work Session; PH: Public Hearing; <br />CA: Consent Agenda; CB: Council Business City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Charles Hansen, Finance Director <br />Item Title/Subject: Resolution 6023 Accepting the Annual Financial <br />Report for the Year Ended December 31, 2002 <br />Meeting Date: June 9, 2003 <br /> <br /> <br />Attached is Resolution 6023 that accepts the Annual Financial Report for the year <br />ended December 31, 2002. <br /> <br />This was reviewed at the June 2, 2003 City Council work session. The review <br />included the financial analysis and management suggestions included in the <br />management report from Malloy, Montague, Karnowski, Radosevich, & Co., P.A. <br />(MMKR). <br /> <br />As reported by Ken Malloy of MMKR, many of the recommendations from last <br />year’s management letter have been implemented. Several others are repeated <br />and there are some new ones in this year’s management letter. I would like to <br />give the following update regarding these recommendations: <br /> <br />Prompt payment of local government bills. <br />Invoices are paid promptly once they arrive in the Finance Department. However, <br />they often sit in various other places for extended periods before they are <br />forwarded to Finance. This is an audit recommendation that needs to be <br />implemented by all city departments. <br /> <br />Budget adoption. <br />This really has more to do with budget amendments needed during the year. <br />Departments often come to the City Council with resolutions to authorize contracts <br />or expenditures. They need to confer with the Finance Department as the <br />resolution is drafted so that if a budget amendment is needed, it can be <br />incorporated into that resolution. <br /> <br />General ledger reconciliation. <br />These recommendations weren’t addressed in 2002 due to time constraints, but <br />will be addressed this year. <br /> <br />Segregation of duties. <br />This just isn’t practical with the small staff size we have.