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Home My WebLink About20080617 - VIII-C-2MEMO TO: Honorable Mayor and City Council members FROM: Charlene A. Stark, Finance Director RE: Report on the 2007 Audit DATE: June 10, 2008 The City Council is asked to accept the Comprehensive Annual Financial Report (CAFR). David Blumberg from the City's audit firm, HLB Tautges Redpath, LTD. will be present to discuss the Audit Management Report. As always, should you have any questions on this information, please feel free to contact me at 651-480-2354. Council Action Requested: Accept the 2007 CAFR and Audit Management Report. C~iY ~t tiast~r~,s 'SOi Faur~,~r Street ~a;t • FieS`inEs, if!Y 55i?33-1955 p:6~1-~R~2354 1:651-q3?-4082 ~nar~.ss,haa~ings mn.~ The New Community at UMore Park Public Forums & Open Houses Two upcoming forums will provide opportunities for the community to learn more about UMore Park and Vermillion Highlands, and view concept planning scenarios Your suggestions and ideas can help to shape the future of the properties! Contribute your ideas for: UMore Park A vibrant, culturally rich, sustainable new community on 5,000 acres of University property in Dakota County. Vermillion Highlands A 2,822-acre research, recreation and wildlife management area adjacently south of UMore Park. RSVP Please confirm your attendance by registering at www.umoreparlc.umn.edu or calling 612-626-3976. Can't Attend? Access the scenario visuals and provide comments at www.umorepark.umn.edu Questions? Contact Sara Harwood, External Relations Coordinator. 612-626-3798 or harwoods@umn.edu Please see the reverse for additional information UNIVERSITY OF MINNESOTA about UMore Paricand Vermillion Highlands. Driven to DiSCOVerSM About UMore Park The University of Minnesota Outreach, Research and Education (UMore) Park is a 5,000-acre Universify property located in Dakota Coun#y. Over the next 25-30 years, UMore Park will become a unique, vibrant, intellectually and culturally rich, sustainable community where people can live, work and play. The community of 20,000-30,000 people ultimately would include residential, retail and other commercial areas and significant amounts of green space. It will be distinctive through the University's unique imprimatur of education and discovery that brings quality of life to individuals and their #amilies. Simply put, UMore Park will be a bet#er place to live and a place to live better. About Vermillion Highlands Vermillion Highlands: A Research, Recreation and Wildlife Management Area is loca#ed directly south of UMore Park and was established in May 2006 by legislation signed into law by the Governor of Minnesota. The 2,822-acre property is jointly managed by the University of Minnesota and the Minnesota Department of Natural Resources in conjunction with Dakota County. Activities on the property include research, education, trails and recreation, and wildlife management and hun#ing. Vermillion Highlands will be maintained as a natural area for public access. The University retains uses for research and education on the property in perpetuity. Planning in Harmony Simultaneously, management teams for UMore Park and Vermillion Highlands have engaged in the concept master planning process for the two properties. Although the planning processes are separate activities, they have been and will continue to be closely connected to ensure synergies between UMore Park and Vermillion Highlands that benefit citizens and the region. Public Engagement Public forums will allow individuals to experience and contribute to planning for UMore Park and Vermillion Highlands. Opinions and ideas shared at these forums-and throughout the process-will help to shape the future of the properties. Perspectives are welcome at any time. Please use the "comments" section on our Web site to share your thoughts. www.umorepark.umn.edu UNIVERSITY OF MINNESOTA Driven to DiscoverSM 1 ~ City of Hastings, Minnesota David E. Blumberg, CPA HLB Tautges Redpath, Ltd. Member of HLB International 1 f~~, Tautges Redpath, Ltd. Reports Issued .~ { t a Member of HLB International 2 ~~, TautgeS Redpath, Ltd. Annual Financial Report • The financial statements are the responsibility of City management. a • The role of the independent auditor is to report on the fair presentation of the financial statements. i • Unqualified ("Clean opinion") on the 2007 financial statements. • The City was awarded GFOA's Certificate of Achievement for Excellence in Financial Reporting Program for its 2006 CAFR. Member of HLB International 3 ^~ Tautges Redpath, Ltd. State Legal Compliance Report • Required by Minnesota Statute §6.65. i OSA established a task force to develop audit guide for legal compliance. • Audit guide covers seven categories: 1) contracting and bidding 2) deposits and investments 3) conflicts of interest 4) public indebtedness 5) claims and disbursement 6) other miscellaneous provisions 7) tax increment financing • Two findings of noncompliance. Member of HLB International 4 ~ Tautges Redpath, Ltd. Report on Internal Control • Required by audit standards • Based on inquiries and observations • Identifies significant deficiencies. • Two significant deficiencies noted. Member of HLB International 5 - Tautges Redpath, Ltd. 1 ~ Internal Control Findings .~ Finding: 200-1 Inadequate Documentation of the Components of Internal Control Findin :200 -2 Audit Adjustments Legal Compliance Findings Finding: 2007-3 Out-of-State Travel Policy Finding: 2007-4 Public Purpose Member of HLB International 6 ~ Tautges Redpath, Ltd. Communication With Those Charged With Governance - Required Communication • Audit firm responsibility under U.S. audit standards. • Significant accounting policies • Accounting Estimates • Difficulties encountered in performing the audit • Corrected and Uncorrected Misstatements • Disagreements with management • Consultations with other auditors • Other Audit Findings or Issues Member of HLB International 7 Tautges Redpath, Ltd.