CCP 06-26-2012 - Laserfiche WebLink

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June 12,2012 Page 3 of 5 He reviewed the items that would be available at the produce stand beginning this Friday. ofan Councilmember Bauman was pleased the City would have three new police cars on the City's streets. lAbse,Approval Board for Primary and General Elections. ReportNo.12- 142. Motion byCouncilmember Bur seconded byCouncilmember Jacobson to approve the Consent es g� pp ResolrrtionNo.12-047. Agenda as presented. 14.Consideration of Authorization to Purchase 2012 John Deere Turbo 5 Ayes,0 Nays-Motion Carried Mowers. ReportNo.12-143. 15.Consideration of Application fora Solicitor Public Hearing License. ReportNo.12-144. None. Public Hearing Council Business None 1. Consideration of Acceptance of the City's Comprehensive Annual Financial Report and Management Reports for Fiscal Year EndingDecember 31, 2011. Council Businessra p g p 1. Consideration of Report No. 12-145. Acceptance of the City's Comprehensive CityManager Lotter reported the Council held a worksession earlier this evening and discussed an upcoming Annual Financial g � g 1� g Report and policy change proposed for the City's fund balance. He explained that this evening staff would be reviewing Management Reports in detail the City's financial reports for fiscal year ending December 31,2011. for Fiscal Year Ending 011. Director of Finance Maiers explained the Cityhas compiled its financial statements for theyear endingDecember o 31, 145. � p Report No. 12-145. December 31,2011 and these reports had been audited. He commented on the City's overall financial standing. It was noted the City was beginning to collect on delinquent property taxes and building permits were on the rise;both positive signs that the economy was on the mend. Director of Finance Maiers reviewed the City's fund balance noting it was presently at 42%and explained the City had an AA rating from Standard&Poor's. He noted after approval by the Council the City's financial statements would be available on the City's website. Steve Wischmann,KDV,provided further information to the Council on the City's 2011 audit. He noted the process went extremely well and commended the City's staff for their efforts. Mr.Wischmann commented KDV offered the City of New Brighton a clean or unqualified opinion for this years'audit,which was the highest opinion offered. He found no financial compliance issues throughout the audit process.No internal material weaknesses were found either. One new GASB standard was discussed. Mr.Wischmann reiterated that the City's finances were stable and noted the City was able to pay down$3 million in debt in 2011. He was pleased with the 2011 audit results. Councilmember Samuelson questioned the length of time spent on the audit process. Mr.Wischmann estimated about 300 hours were spent completing the audit. Councilmember Samuelson thanked KDV and City staff for working diligently on the residents'behalf. Councilmember Burg agreed. City Manager Lotter recognized Kevin Mannetter,the Assistant Finance Director for his efforts in this years' audit process. Mayor Jacobsen publicly thanked Director Maiers,Assistant Finance Director Mannetter,and Mr. Wischmann for reviewing the City's finances and for providing clear reports and presentations for the Council to review. Councilmember Jacobsen agreed and commended the entire finance staff for their work on behalf of the City. Motion by Councilmember Samuelson,seconded by Councilmember Burg to accept the City's Comprehensive Annual Financial Report and Management Reports for Fiscal Year Ending December 31,2011. 5 Ayes,0 Nays-Motion Carried