Laserfiche WebLink
Each year, the city is also subject to an audit by a licensed CPA firm. The city <br />recently extended its contract with Abdo to audit the financials for 2024-2026. We <br />have always received a clean audit which means we have accurately reported our <br />financial condition in accordance with Generally Accepted Accounting Procedures <br />(GAAP) as promulgated by the Government Accounting Standards Board <br />(GASB). <br /> <br />7. Investments <br />We include bank and investment reporting monthly so you can see what resources <br />are available. The city is very limited in the types of investments that we can make <br />with city funds. Those include certificates of deposit (CDs) with banks, US <br />Government bonds and bills, US Agency bonds, bonds of other governmental <br />agencies (rated A or better), and high-quality commercial paper (A1/P1 rated). <br /> <br />The aim of our investments is threefold, rated by priority: <br />i. Safety of Principal Î will we get our money back with interest at the end of <br />the investment. <br />ii. Liquidity Î will we have cash on hand when we need it for both regular bills <br />and potential emergencies. <br />iii. Return Î we strive to make a market rate of return on our idle cash. <br /> <br />iv. Minimum cash balances by fund type <br />v. General Fund <br />vi. Debt Service Funds <br />vii. Capital Projects Funds <br />viii. Enterprise Funds <br /> <br />8. Financial flows - sequence and timing of reports <br /> <br />a. Budget <br /> <br />The annual budget generally starts with a review of the previous yearÓs financial <br />results in June or July. The Council sets priorities and general financial parameters <br />for staff to follow in preparing a preliminary budget. This is discussed at work <br />sessions in July, August, and September. A proposed budget and tax levy must be <br />approved by Council and transmitted to Anoka County by September 30. That <br />stnd <br />generally means adoption at either the 1 or 2 meeting of September. <br />These proposed levies are combined from all overlapping taxing jurisdictions to <br />create an individualized property tax estimate that is mailed out by the county in <br />November. The county also generates estimated tax rates for our use. <br />The city is required to hold a public hearing called Truth in Taxation sometime <br />between late November and early December. This hearing allows citizens to <br />provide input into the budget and tax levy of the city. The Council then must adopt <br />9 <br /> <br />