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<br />Approved:
<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 />
<br />Call To Order
<br />
<br />Mayor Aplikowski called the meeting to order at 5:00 PM.
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<br />Present: Mayor Aplikowski, Councilmembefs: Gregg Larson, David Grant, Brenda Holden,
<br />Lois Rem
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<br />Absent: None
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<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 />
<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 />
<br />Citv's 2004 Audit Report
<br />Finance Difector 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 />
<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 fOf the first nine months of 2004, 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 />
<br />Overall the 2004 audit report stated that the City was in good financial order.
<br />
<br />Councilmember Larson asked Mr. McDonald to define the difference between government
<br />activities and business activities.
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