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egnlar City C~u cil eating <br />IVlonday,lVlay 1, 2007 <br />Page 17 <br />proximately $12.5 million in tax-exempt revenue bonds, for Centen- <br />nial. East Limited Partnership. <br />Roll Call <br />Ayes: Roe; Kough; Ihlan; Pust and Klausing. <br />Nays: None. <br />10. ether Business Items <br />a. Presentation of Audit and financial Statements -Accept the 2006 <br />Audit and Financial Statements <br />City Finance Director Chris Miller introduced Mr. Jim Eichten, from <br />the auditing firm of Malloy, Montague, Karnowski, and Radosevich, <br />and Company, P. A. <br />Mr. Eichten reviewed with Councilmembers the Management Report <br />and other documents by reference in presenting the 2006 Audit and <br />Financial Statements: <br />Mr. Eichten provided a clean, unqualified opinion, in accordance with <br />Government Auditing Standards, his firm's opinions and findings in <br />detail. <br />Mr. Eichten noted that current State Statutes did not support employee <br />recognition events, as had been identified as an area of concern on <br />past annual audits as well. However, Mr. Eichten further noted that <br />the State Legislature had just recently adopted a resolution, and signed <br />by the Governor, provisions that would authorize certain types of ex- <br />penditures. Mr. Eichten advised that he had not had time to review <br />the legislation in detail or determine how it would impact his firm's <br />findings related to the City of Roseville. <br />Mr. Eichten further reviewed internal accounting controls; efficiencies <br />being sought in electronic payment processes; and provided compari- <br />son per capita and state-wide average data. <br />Mr. Eichten discussed with Councilmembers the Letter of Credit and <br />pending litigation impacts to City operations related to the Twin <br />Lakes redevelopment project; fund balance policies of the City Coun- <br />cil and compliance with such policies; superb budget projections <br />