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<br />. <br /> <br />. <br /> <br />e <br /> <br />~ <br />~~HILLS <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />May 23,2005 <br /> <br />Agenda Item: 3.B <br /> <br />TO: Honorable Mayor and City Council <br /> <br />FROM: Murtuza Siddiqui, Finance Director/Treasurer~~ <br /> <br />SUBJECT: 2004 Audited Financial Statements <br /> <br />BACKGROUND: <br />The City of Arden Hills, each year, hires an independent audit firm to audit the City's financial <br />records and issue the financial statements. The City hired Abdo, Eick, & Meyers to conduct this <br />audit. They have been the City's auditors for the past few years. <br /> <br />DISCUSSION: <br />I am pleased to inform that the City of Arden Hills has received an "unqualified (clean) opinion" <br />from the audit firm. The City has also implemented new GASB 34 rule for the December 31, <br />2004 statements. The main change resulting from the implementation was issuing financial <br />statements under a new reporting model. <br /> <br />Overall, 2004 was a good year for the City. The revenues came in slightly over the budget and <br />expenditures were under the budget. As a result of operating efficiencies, the city added about <br />$200,000 to its general fund balance. <br /> <br />Steve McDonald, Abdo, Eick, & Meyers presented the audit at the May Council Work Session. <br />Mr. McDonald explained the key features of the changes that resulted from the implementation <br />ofGASB 34 rule. <br /> <br />RECOMMENDED ACTION: <br />Staff recommends that the Council approve the 2004 Audit as presented. <br />