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Mounds View City Council July 11, 2445 <br />Regular Meeting Page 7 <br />City Administrator Ulrich stated that he would have to research the expenses and would provide <br />• Council with an update on the details. He stated that they did have an audio system upgrade <br />noting that he would clarify the details and update the Council. <br />MOTION/SECOND. Guiui/Flaherty To approve the Just and Correct Claims as presented. <br />Ayes - 5 Nays - 0 Motion carried. <br />S. COUNCIL BUSINESS <br />A. Resolution 6577 Approve 2404 Certified Annual Finance Report. <br />Aaron Nielsen, Audit Manager, thanked Staff for the assistance in the audit process. He <br />referenced three documents including the Financial Statement, which was prepared by the City, <br />the second is the Special Purpose document and the third document is the Management Report. <br />He provided the Council with an overview of the Management Report noting that the report they <br />issued is an unqualified opinion, which is the cleanest opinion they could provide. He reviewed <br />the government auditing standards noting that they have no instances ofnon-compliance to <br />report. <br />Mr. Nielsen stated that in the final opinion they have identified three separate findings, one for <br />claims and disbursements, one related to group insurance and one related to administrative <br />• penalties. He stated there are additional details included in the Special Purposes Audit Report. <br />He stated that there were no changes in this years' Significant Account Policies for this years <br />report noting that this is the second year the City is reporting a financial document under the <br />Gasby 34 Reporting model. He noted that under Audit Comments there are items identified <br />during the process that they would like to see improvements made. He stated that it also include <br />suggestions that Staff could use to determine what would be most viable in their use for reportin <br />purposes. <br />Mr. Nielsen referenced the resolution documentation noting that he does believe there is enough <br />information presented to Council that allows them to identify and understand what is being <br />presented and passed although in the minutes, what they read to identify what is happening there <br />are certain cases where they are not clear on what is actually happenng with respect to certain <br />projects and how they would be financed. He stated that the other instances involve the bid and <br />quote process for projects. He stated that they want to be sure that they are following the bid <br />laws versus the less restrictive quote process. <br />s <br />g <br />Mr. Nielsen noted page three moves into funding Cities in Minnesota and at the time of printing <br />the report to make the June 30th deadline there wasn't any finalized legislation to report on. He <br />stated that they have identified the property taxes and have disclosed the market values in the <br />cities have been increasing and reviewed the percentages with Council. He referenced page four <br />noting that it presents a table and graph of the City of Mounds View property by type and <br />reviewed the average tax rate noting that it was consistent with the rates in 2003. <br />• <br />