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ARDEN HILLS CITY COUNCIL—MAY 2612020 2 <br /> 3. RESPONSE TO PUBLIC INQUIRIES <br /> None. <br /> 4. PRESENTATION <br /> A. 2019 Financial Statements <br /> Aaron Nielsen, MMKR, provided the Council with a presentation on the City's 2019 audit and <br /> financial statements. He explained the City received a clean or unmodified opinion on its 2019 <br /> financials. He reviewed the General Fund in detail with the Council noting revenues and <br /> expenditures from the past year. He then discussed the City's enterprise funds. He commended <br /> the City on its strong financial position and asked for comments or questions. <br /> Councilmember Holmes questioned if there was anything the City could do to further delegate <br /> the financial responsibilities. <br /> Mr. Nielsen stated it was not unusual for a City of this size to have a smaller financial <br /> department. He believed Arden Hill's staff was incorporating the appropriate steps to have the <br /> proper checks and balances in place. He explained it was more challenging with respect to capital <br /> assets or journal entries, to ensure that transactions are posted accurately. He stated he could look <br /> at this process again next year if there are additional controls that could be put in place. <br /> Finance Director Bauman indicated this was a common comment for cities the size of Arden <br /> Hills. She discussed how journal entries are made by two people and how other tasks were signed <br /> off by two different staff members. <br /> Councilmember Holmes supported the Council discussing this issue further to avoid future audit <br /> concerns. <br /> Mayor Grant questioned how large the City's financial department would have to be in order to <br /> eliminate the segregation of duties concern. <br /> Mr. Nielsen reported two or three additional staff members might be required. <br /> Mayor Grant thanked Mr. Nielsen for his report. He requested staff place the segregation of <br /> duties item on the July worksession for further discussion. <br /> 5. STAFF COMMENTS <br /> A. Rice Creek Commons (TCAAP) and Joint Development Authority(JDA) Update <br /> City Administrator Perrault provided an update on TCAAP stating litigation with Ramsey <br /> County was ongoing. <br />