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CITY OF GEM LAKE <br />SCHEDULE OF FINDINGS.AND RESPONSES (CONTINUED) <br />YEAR ENDED DECEMBER 31, 2015 <br />OTHER ITEM FOR. CONSIDERAT[ ON — MINNESOTA LEGAL, COIVIPL-IANCE <br />2015-002: Broker Certification <br />Criteria: Minnesota Statute §11 8A.04, Subd. 9, requires that, a government entity :shall provide <br />annually to the broker a. written statement of investment restrictions which shall include a provision that <br />all future investments are to be made in accordarice with Minnesota Statutes governing the investment <br />of public funds,. <br />Condition: Neither the City nor its broker were able to provide documentation a broker certification <br />form was completed. before any trading activity was conducted. during fiscal year 20.15. <br />Effect: The City is riot in compliance with the Minnesota Statute requiring a broker certification <br />statement each year. <br />Cause: The City has provided broker certifications in the past but missed updating it for fiscal year <br />2015. <br />Recommendation: We: recommend City management. imr ierp.ent a process to trigger the annual <br />submission of the broker certification statements so as to ensu43hey are: properly providing them on. <br />an annual. basis,. before any trade activity occurs eachfisca,l.year. <br />Management Response., <br />City management is aware of this requirement and will; continue to monitor the requirement to ensure <br />the statements are provided in. all future years. <br />pa] <br />