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City Council Regular Meeting Minutes <br />June 24, 2008 <br />Page 2 <br />2 IV <br />3 <br />4 <br />5 <br />6 V. <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 />23 <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 />46 <br />is <br />PUBLIC HEARING. <br />None. <br />REPORTS FROM COMMISSION AND STAFF. <br />None. <br />GENERAL BUSINESS OF COUNCIL. <br />A. 2007 Audit Presentation Peggy Moeller Tautges Redpath presenting_ <br />Ms. Peggy Moeller and Ms. Rebecca Peterson, Tautges Redpath, were present to provide the <br />2007 Audit Presentation. Ms. Moeller provided a presentation on the 2007 Audit, including an <br />overview of the following information: <br />• Comprehensive Annual Financial Report <br />• State Legal Compliance Report <br />• Report on Internal Control <br />• 2006 Findings <br />• Management Letter <br />• Communication with Those Charged with Governance <br />Councilmember Stille requested clarification regarding the "clean opinion" received by the City. <br />Ms. Moeller explained a clean opinion means that the City's financial statements are materially <br />correct. <br />Councilmember Stille verified with Ms. Moeller that three of the four repeat findings related to <br />Internal Control are situations that the City cannot address at this time; the fourth finding is being <br />addressed and was not a material finding. <br />Councilmember Gray asked if the increase in the number of deficiencies related to Internal <br />Control was directly related to the lowering of the threshold used in the audit. <br />Ms. Moeller responded in the affirmative. She explained in addition, the audit was required to <br />take a harder look at internal controls, looking at things that had not been audited previously. <br />Mayor Faust pointed out that in relation to the Reserve Fund balance, a balance is needed to <br />make bill payments, while the City only receives payment on real estate taxes twice per year. <br />These funds are put into the League of Minnesota Cities 4M account and can be extracted daily <br />and monthly; a little over 4% was made in interest on the last monthly report. <br />Motion by Councilmember Stille, seconded by Councilmember Roth, to Accept the 2007 Audit <br />Report prepared by Tautges Redpath as presented by Peggy Moeller. <br />