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ARDEN HILLS CITY COUNCIL — June 27, 2011 2 2.A. 2010 Audit Presentation (continued) Audit Standards are constantly increasing and changing. With these changes there are increased findings. This does not mean that the City has done anything wrong compared to previous years, only that the reporting requirements have become stricter. Many cities are experiencing these findings, and the findings are expected to increase for all cities as these standards become stricter. The City continues to have the finding related to "Segregation of Duties." The "Segregation of Duties" finding is common to organizations the same size as Arden Hills. Staff continues to review and make improvements to its internal control structure on an ongoing basis and attempts to maximize the segregation of duties in all areas within the limits of the Staff available. The City received a finding for not having enough pledged collateral with an investment at Affinity Plus Federal Credit Union. This was due to a number of staff changes at Affinity Plus as the pledged collateral note expired and new pledged collateral was not in place before December 31, 2010. This has been corrected and the new pledged collateral has been set to run with the term of the investment. Councilmember Holden asked if the recycling fund included the Score Grant the City received. Director of Finance and Administrative Services Sue Iverson stated the grant was included in the recycling fund. She also stated the finding with Affinity Plus had been corrected and the pledged collateral is set to expire with the City's investment. B. TCAAP & Stadium Proposal Update Community Development Director Jill Hutmacher stated Staff has been in contact with Ramsey County Staff regarding local financial issues and possible new legislation. All parties are waiting to see when a special legislative session will be called and whether stadium legislation will be addressed during a special session. Councilmember Holden stated she had met with Ramsey County Officials to get additional information on what was happening with the stadium proposal and she encouraged others to do the same. PUBLIC Mayor Grant opened the Public Inquiries /Informational at 7:16 p.m. Mr. Gregg Larson, 3377 North Snelling Avenue, Arden Hills, thanked the City Council for putting the March letter on the website. He feels this document was kept a secret from the residents and it is in direct contrast with the newsletter article that was printed in the Arden Hills Notes. This article stated the City does not have an official position on the stadium. There is a petition against the stadium being on the TCAAP property and it has been signed by 135 Arden Hills residents. He stated that he continues to have concerns about the City Council's lack of communication with the residents regarding the Vikings Stadium proposal and stated it is the job of the Mayor to communicate with residents.