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� � � � �} DI2AF� Regular City Council Meeting Monday, May 21,2007 Page 18 compared to actual revenue/expenditures; and a review of each spe- cific enterprise fund. Mr. Eichten addressed current and future General Accounting Stan- dards Board (GASB) requirements and implications. � Councilmember Kough noted his concerns with findings of non- � compliance in certain areas (i.e., employee recognition) and his strong 9 desire that the City be in full compliance. �� �1 1� i� i� 1� 7 �� 1� l� 1� ��r �1 �� 2� �� �� ��} �7 2$ �� 3� Mayor Klausing clarified that the next agenda item would address Councilmember Kough's desire to establish an Audit Committee. At the request of Councilmember Roe, Mr. Eichten advised that his firm currently audits thirty-two cities in the metropolitan area, and that none have an audit committee, while some have a designated fi- nance committee that meets with management staff prior to applicable items coming before the City Council. Mr. Eichten advised that his firm was open to working with whomever the City Council desig- nated; however, noted that he was required to report to the entire City Council for their formal acceptance of the annual Audit and Financial Statements. Additional discussion included accounting standards and recommen- dations regarding audit committee; and purposes of such an oversight committee. Mayor Klausing called for public comment, with no one coming to speak. � 1 Roe moved, Pust seconded, acceptance of the 2006 Annual Financial �� Report as presented by Jim Eichten, from the firm of Malloy, N�onta- �� gue, Karnowski, and Radosevich, and Company. 3� �� Roll Call �� Ayes: Roe; Kough; Ihlan; Pust and Klausing. � 7 Nays: None. ;� � ;�� Mayor Klausing thanked Mr. Eichten for his report and presentation.