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� <br />2 <br />3 <br />4 <br />5 <br />5 <br />7 <br />S <br />9 <br />�o <br />11 <br />J. 2 <br />1.3 <br />�4 <br />15 <br />�6 <br />17 <br />�S <br />19 <br />20 <br />21. <br />Special City Cauncxl Mee�ing <br />Mo�c�ay, August OC�, �U07 <br />Page 26 <br />Mayor Klausing welcamed Mr. Darrow to the City of Raseville, and <br />thanked him far his comments and sugges�ions. <br />d. Discussic�n — City Counci� D�scuss�tin a�' the Tw�n Lakes Le�ter of <br />Credit Disciosure <br />Counei�member Ih1an pursucd a discussion of hcr r�comrnendat�on <br />�hat the Ci�y Council direet staf� to insert footnotes to the City o� <br />Rosevil�e Comp��hensive AnnuaX FinanciaX Report �or the �sca� year <br />ended December 31, 200b, referencing proceeds drawn from the Twin <br />Lakes dave�opers' leiter o£ c�edit highlighting �hat the City`s proceeds <br />were disputed and in pend�ng Iitigation. Counc�lmer�ber ih�an ex- <br />pressed cancern that reader� o� �h� r�port may misinterpr�t the ac�ual <br />revenue o�' the C��y, wz�h fihe p�oceeds listed in �he repor� as a paten- <br />tial revenue source. Councilmember ihlan, in the effor�s of fi.�l� das- <br />closure, and in light of eoncerns xaised to her personally by �VIx. Al <br />Sands, and referencing League o� Minnesota Ci�ies (LMC) guidelines, <br />recommended that the City Counci� ask staf£ and the City A�tomey to <br />dra£t language, or ask the external audi�or if a footnote was appropri- <br />atie. <br />22 City A�torney Squires noted �hat, as part of the annual audit, the Audi- <br />23 tor was xec�ui�ed to seek a�ette�r �'ram the City Attoz�ey d�sclasing any <br />24 pending litigation. Mr. Squires volunteered his �rm to do a supp�e- <br />25 menta� disclosuxe, unde� GASB standards, on City Attorney 1et�er- <br />26 head, �ha� could be provided to the auditor and incorporated znto the <br />27 2006 Financial Report, at the discretion o� the auditor. <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />Couneilmember Ihlan asked that the infonnation also be available on <br />lzne and in any fnancial repor� documents. <br />Pust moved, �Iau�ing seconded, directzng the C�ty Attorney ta pro- <br />vide an audi� letter update �o �he City Audi�or. <br />Raii Cal� <br />Ayes: Ih�an; Pus�; Kough; Roe; and Klausing. <br />Nays: Nc�ne. <br />Pub�ie CQmment <br />