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ARDEN HILLS CITY COiJNCIL-July 13, 2009 3 Klobuchar's office will meet at 5:30 p.m. on Wednesday, July 15, in the Council Chambers, to discuss how the property disposal process can work to achieve the City's interests related to the clean-up and reuse of the TCAAP property. This meeting is open to the public. Be 2008 Audit Presentation Mr. Aaron Nielson, Malloy, Montague, Karnowski, Radosevich & Co. P.A., presented the audit report and reviewed the City's financial performance with the Council. He stated that Auditing Standards are getting stricter and with these changes there are increased findings, these conditions have always been present, but the rule changes require that they be reported as potential areas to watch. This does not mean that the City has done anything wrong compared to previous years, only that the reporting requirements have become more strict. Many cities are experiencing these findings, and the findings are expected to increase for all cities as these standards become more strict. There are continued findings related to "Segregation of Duties" and "Timely General Ledger Reconciliations". The "Segregation of Duties" findings is common to organizations the size of Arden Hills. Staff has continued to review and make improvements to its internal controls on an ongoing basis and attempts to maximize the segregation of duties in all areas within the limits of the staff available. The "Timely General Ledger Reconciliations" relates to monthly and year-end reconciliations, which are delayed due to workloads and vacancies. As of June 2009, staff has all reconciliations completed. There were no findings of non-compliance to report. Mayor Harpstead asked when a copy of this report would be available for the - public and what the process is for viewing it. Finance Director Susan Iverson stated that this report would be available on the City's website within the next couple of days; a copy would be available at the Library, and a copy could be requested from City Hall. Councilmember Holmes stated that on Page 1, the second bullet references a weakness that the City has in lack of Proper Segregation of Duties and lack of Timely General Ledger Reconciliations. It was stated that this is a problem for smaller cities. She asked if Arden Hills would need to address these items since they were being brought up. Mr. Nielson stated that the point of bringing up these items was to make the City aware of them and making sure that this is in the forefront of the finance office staff and management staff processes.