07-13-1992 Study SessionCITY OF RICHFIELD, MINNESOTA
CITY COUNCIL STUDY SESSION
July 13, 1992
MEMBERS PRESENT: William Bullock, Mayor Pro Tempore; Ivan
Ludeman; Michael Sandahl; and Kristal Stokes.
MEMBERS ABSENT: Martin Kirsch
STAFF PRESENT: James Prosser, City Manager; Steven Devich,
Administrative Services Director; Thomas P.
Ferber, City Clerk; Donald Fondrick;
Community Services Director; Byron Wallace,
Community Development Director; William
Fillmore, Liquor Operations Director; and
Bridget Walstrom, Finance Manager.
OTHERS PRESENT: Jeff Radunz, Audit Partner and Beth Monsrud,
Audit Manager; Deloitte & Touche.
The meeting was called to order by Mayor Pro Tempore Bullock at
6:00 p.m. .
Item #I PRESENTATION OF 1991 COMPREHENSIVE ANNUAL FINANCIAL
REPORT. S.S. LETTER NO. 31
Jeff Radunz, Audit Partner Deloitte & Touche, reviewed and
summarized information regarding the audit of the 1991
Comprehensive Annual Financial Report including Operating Fund
status, performance indicators, General Fund revenues, General
Fund expenditures, debt service, Unreserved Fund Balance,
revenues/expenditures per household and per capita, and bond
rating.
Beth Monsrud, Audit Manager Deloitte & Touche, reviewed and
presented the highlights of the 1991 Comprehensive Annual
Financial Report. She reviewed the following three
recommendations contained in the Deloitte & Touche Commentary
Report:
1. The City continue to review fund balance levels and
consideration of moving some programs such as the
swimming pool and ice arena operations out of the
general fund to an enterprise fund.
2. The City evaluate the requirements of the Governmental
Accounting Standards Hoard Statement No. 14 to
determine whether the HRA meets the criteria for
blended or discrete presentation.
3. The City review its investment procedures with respect
to custodial credit risk categories.
Study Session Minutes -2- July 13, 1992
The auditors commended the City for its financial
presentation and stated they found no material inconsistency or
misstatement in the Report.
Lawrence Wozniczka, 6744 Wentworth Avenue, questioned the
presentation of the Hub West purchase in the report.
Jeff Radunz responded by identifying the financial
presentation of the project in the report.
City Manager Prosser stated that staff would put together
further information regarding the Hub West project for additional
review of the auditors.
ADJOURNMENT
The meeting was adjourned by unanimous consent at 6:57 p.m.
Date A roved: ~/ 27/ 92 ~ ~~`°
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L
i Bullock
ayor ro Tempore
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Thomas P. Ferber
City Clerk
D. Prosser
Manager