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City Council Regular Meeting Minutes <br />June 24, 2008 <br />Page 2 <br />1 <br />2 IV. PUBLIC HEARING <br />3 <br />4 None. <br />5 <br />6 V. REPORTS FROM COMMISSION AND STAFF. <br />7 <br />8 None. <br />9 <br />10 VL GENERAL BUSINESS OF COUNCIL. <br />11 <br />12 A. 2007. Audit presentation. _Peggy Mocller,.'I autges Redpatlypresct ting, <br />13 <br />14 Ms. 11cggy Moeller and Ms. Rebecca Peterson, ')'autges Rcdpath, were present to provide the <br />15 2007 Audit Presentation. Ms. Moeller provided a presentation on the 2007 Audit, including an <br />16 overview of the following information: <br />17 ° Comprchensive Annual Financial Report <br />18 ° State Legal Compliance Report <br />19 A Report on Internal Control <br />20 . 2006 Findings <br />21 F Management Lefler <br />22 m Communication with Tliose Charged with Governance <br />23 <br />24 Councilmember Stille requested clarification regarding the "clean opinion" received by the City. <br />25 <br />26 Ms. Moeller explained a clean opinion means that the City's financial statements are materially <br />27 correct. <br />28 <br />29 Councilmember Stille verified with Ms. Moeller that three of the four repeat findings related to <br />30 Internal Control are situations that the City cannot address at this time; the fourth finding is being <br />31 addressed and was not a material finding. <br />32 <br />33 Councilmember Gray asked if the increase in the number of deficiencies related to Internal <br />34 Control was directly related to the lowering of the threshold used in the audit. <br />35 <br />36 Ms. Moeller responded in the affirmative. She explained in addition, the audit was required to <br />37 take a harder look at internal controls, looking at things that had not been audited previously. <br />38 <br />39 Mayor Faust pointed out that in relation to the Reserve Fund balance, a balance is needed to <br />40 make bill payments, while the City only receives payment on real estate taxes twice per year. <br />41 These funds are put into the League of Minnesota Cities 4M account and can be extracted daily <br />42 and monthly; a little over 4% was made in interest on the last monthly report. <br />43 <br />44 Motion by Councilmember Stills, seconded by Councilmember Roth, to Accept the 2007 Audit <br />45 Report prepared by Tautges Redpath as presented by Peggy Moeller. <br />46 <br />3 <br />