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Sp~~ia~ i unci~ e~ IVl~nday, August , 2 7 Page 26 Mayor Klausing welcomed Mr. Darrow to the City of Roseville, and thanked him for his comments and suggestions. Discussion -City Council iscussion of the 'I'vvin hakes Letter of Credit isclosure Councilmember Ihlan pursued a discussion of her recommendation that the City Council direct staff to insert footnotes to the City of Roseville Comprehensive Annual Financial Report for the fiscal year ended December 31, 2006, referencing proceeds drawn from the Twin Lakes developers' letter of credit highlighting that the City` s proceeds were disputed and in pending litigation. Councilmember Ihlan ex- pressed concern that readers of the report may misinterpret the actual revenue of the City, with the proceeds listed in the report as a poten- tial revenue source. Councilmember Ihlan, in the efforts of full dis- closure, and in light of concerns raised to her personally by Mr. Al Sands, and referencing League of Minnesota Cities (LMC) guidelines, recommended that the City Council ask staff and the City Attorney to draft language, or ask the external auditor if a footnote was appropri- ate. City Attorney Squires noted that, as part of the annual audit, the Audi- tor was required to seek a letter from the City Attorney disclosing any pending litigation. Mr. Squires volunteered his firm to do a supple- mental disclosure, under GASB standards, on City Attorney letter- head, that could be provided to the auditor and incorporated into the 2006 Financial Report, at the discretion of the auditor. Councilmember Ihlan asked that the information also be available on line and in any financial report documents. Pust moved, Klausing seconded, directing the City Attorney to pro- vide an audit letter update to the City Auditor. Roll Call Ayes: Ihlan; Pust; Kough; Roe; and Klausing. Nays: None. Public Comment