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<br /> ~ <br /> . ~~HILLS <br /> Approved: June 27, 2005 <br /> CITY OF ARDEN HILLS, MINNESOTA <br /> CITY COUNCIL WORK SESSION <br /> MONDAY, MAY 16, 2005, 5:00 P.M. <br /> CITY HALL COUNCIL CHAMBERS, 1245 WEST HIGHWAY 96 <br /> Call To Order <br /> Mayor Aplikowski called the meeting to order at 5:00 PM. <br /> Present: Mayor Aplikowski, Councilmembers: Gregg Larson, David Grant, Brenda Holden, <br /> Lois Rem <br /> Absent: None <br /> Staff present: City Administrator, Michelle Wolfe; Community Development Director, Scott <br /> Clark; Finance Director, Murtuza Siddiqui; Assistant to the City Administrator, Schawn <br /> Johnson; Operations and Maintenance Director, Tom Moore <br /> . Closed Session <br /> A closed meeting session was held to discuss GSA negotiations with the City Council from 5:00 <br /> PM to 5:40 PM. <br /> City's 2004 Audit Report <br /> Finance Director Murtuza Siddiqui introduced Steve McDonald, an independent auditor from <br /> Abdo, Eick, & Meyers, to discuss the City's 2004 audit report. Mr. McDonald reported that the <br /> City has successfully implemented and adopted the new GASB 34 accounting regulations in <br /> 2004. He congratulated the City staff on job well done with the GASB 34 implementation <br /> process. <br /> Mr. McDonald reviewed the 2004 audit report with the City Council. Mr. McDonald mentioned <br /> that for certain investments the City had adequate collateral for the first nine months of2004, but <br /> not for the last three months of the year. Once the problem was noticed by City staff, it was <br /> immediately rectified. Mr. McDonald emphasized that this is a common finding in a number of <br /> the audits that they conduct. <br /> Overall the 2004 audit report stated that the City was in good financial order. <br /> Councilmember Larson asked Mr. McDonald to define the difference between government <br /> activities and business activities. <br /> . <br />