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Department Approval: <br />� I� <br />REQUEST FOR COUNCIL ACTION <br />Manager Reviewed <br />r � „� <br />Date: 08/27/O1 <br />Item No.: E-2 <br />Agenda Section <br />Organizational Business <br />Item Description: Presentation of 2000 Comprehensive Annual Financial Report and Audit <br />Background <br />The 2000 audit has been completed and the Comprehensive Annual Financial Report has been <br />prepared. Jennifer Thienes of Kern, DeWenter, Viere, Ltd (KDV), the City's auditors will briefly <br />discuss the audit and management letter with the Council. <br />The Council may be aware that one of the City's goals for this year was to prepare the Report in <br />the new GASB 34 format. We have done so and to the best of our knowledge, Roseville is the only <br />Minnesota city to have completed this task The required schedule for implementation was for the <br />fiscal year of 2003. However, early implementation has been encouraged and with the Council's <br />encouragement, Roseville did elect to implement in 2000. <br />As part of the GASB 34 implementation, there are some changes in the fund structure as compared to <br />the previous format. It is our recommendation that the Council approve those changes officially so <br />that future reporting will be reflecting the fund categories appropriately. <br />Staff Recommendations <br />Staff is recommending that the City Council accept the 2000 audit as presented by KDV and to <br />approve the resolution providing for a fund structure transition to GASB 34. <br />Council Action <br />Motion to accept the 2000 audit as presented by the KDV audit firm. <br />Motion to approve the attached Resolution providing a transition for the City's fund structure to <br />GASB 34. <br />