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<br />~ <br />~~HILLS <br /> <br />MEMORANDUM <br /> <br />. <br /> <br />DATE: <br /> <br />May 18,2006 <br /> <br />Agenda Item: 3.A <br /> <br />TO: Honorable Mayor and City Council <br /> <br />FROM: Murtuza Siddiqui, Chief Financial Officer/Treasurer "v\I <br /> <br />SUBJECT: 2005 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 statemcnts. 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 plcased to inform that the City of Arden Hills has received an "unqualified (clean) opinion" . <br />from the audit firm. <br /> <br />Despite the unanticipated costs for the st0TI11 clean-up and less than expected collection of permit <br />fees, the City was able to adjust its spending and minimized its impact on the reserves. <br /> <br />Stevc McDonald, Abdo, Eick, & Meyers presented the audit at the May Council Work Session. <br />Mr. McDonald provided an overview ofthc components of the audit. In addition, he also <br />highlighted major funds and their respective fund balances. <br /> <br />RECOMMENDED ACTION: <br />Staffrecommends that the Council accept the 2005 Audit as presented. <br /> <br />. <br />