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He reviewed the items that would be available at the stand beginning June lz, produce grnrring this Friday. Councilmember Bauman was pleased the City would have three new police cars on the City's streets. Motion by Councilmember Burg, seconded by Councilmember Jacobson to approve the Consent Agenda as presented. 5 Ayes, 0 Nays - Motion Carried Public Hearing None. Council Business 1. Consideration of Acceptance of the City's Comprehensive Annual Financial Report and Management Reports for Fiscal Year Ending December 31, 2011 Report No. 12-145. City Manager Lotter reported the Council held a worksession earlier this evening and discussed an upcoming policy change proposed for the City's fiord balance. He explained that this evening staff would be reviewing in detail the City's financial reports for fiscal year ending December 31, 2011. Director of Finance Maras explained the City has compiled its financial statements for the year ending 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 fiend 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. Wischmarrn commented KDV offered the City ofNew 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. Counedmember 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 ofthe 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 Page 3 of 5 13. Approval ofan Absentee Ballot Board for Primary and General Elections ReportNo. 12- 142. Resolution No. 12-047. 14. Consideration of Aulhorizuion to Purd se 2012 Jobn Deere Turbo Mowers. RepatNo.12-143. 15. Considemon of Application fora Solicitor License. RepcMNo. 12-144, Public Hearing None Council Business 1. Consideration of Acceptance of the City's Comprehensive Annual Financial Report and Management Reports for Fiscal Year Ending December 31, 2011. Report No. 12-145.