4.9.
CC Regular Session
- Meeting Date:
- 11/07/2011
- By:
- Diana Lund, Finance
Information
Title:
Report from the Finance Committee of 10-25-11
Agenda Item #1- Award Contract for Professional Audit Services
Agenda Item #2 - Adopt Resolution #11-11-XXX Restricting and/or Committing Revenue Sources in Special Revenue
Funds and Resolution #11-11-XXX Resolution Establishing a Financial Policy for Purpose of Allocation of Excess/Deficient General Fund Revenues
Agenda Item #3 - Report on Fiscal Disparities
Agenda Item #4 - Credit Card Update
Agenda Item #1- Award Contract for Professional Audit Services
Agenda Item #2 - Adopt Resolution #11-11-XXX Restricting and/or Committing Revenue Sources in Special Revenue
Funds and Resolution #11-11-XXX Resolution Establishing a Financial Policy for Purpose of Allocation of Excess/Deficient General Fund Revenues
Agenda Item #3 - Report on Fiscal Disparities
Agenda Item #4 - Credit Card Update
Background:
Agenda Item #1 - Staff reviewed the proposals submitted from the RFP request for auditing services. Staff presented that the price quotes received were all competitive, and based on the minor price differential in firms, would like to remain with their current auditing firm of Malloy, Montague, Karnowski & Radosevich (MMKR).
Agenda Item #2 - Staff reviewed that a current year auditing standard known as GASB 54, requires the city to have these resolutions in place.
Agenda Item #3 - A report on the amount of fiscal disparities was presented that shows that the city of Ramsey is a net benefactor in the program.
Agenda Item #4 - An update on the credit card usage & cost was presented.
Recommendation:
Agenda Item #1: Motion to enter into five-year contract with MMKR for the City's auditing service at the not-to-exceed amount prices quoted within their proposal.
Agenda Item #2: Motion to Adopt Resolution #11-11-XXX Resolution Restricting and/or Committing Specific Revenue Sources in Special Revenue Funds; and Resolution #11-11-XXX Resolution Establishing a Financial Policy for the Purpose of Allocation of Excess/Deficit General Fund Revenues (Fund Balance Policy).
Agenda Item #3: Informational only. Staff will provide a more thorough update at future budget worksessions
Agenda Item #4: Informational only. Staff will provide a summary after next quarter's usage if allowance of credit cards has increased collection of payments.
Agenda Item #2: Motion to Adopt Resolution #11-11-XXX Resolution Restricting and/or Committing Specific Revenue Sources in Special Revenue Funds; and Resolution #11-11-XXX Resolution Establishing a Financial Policy for the Purpose of Allocation of Excess/Deficit General Fund Revenues (Fund Balance Policy).
Agenda Item #3: Informational only. Staff will provide a more thorough update at future budget worksessions
Agenda Item #4: Informational only. Staff will provide a summary after next quarter's usage if allowance of credit cards has increased collection of payments.
Council Action:
Agenda Item #1: Motion to confirm the recommendation of the Finance Committee for staff to enter into five-year contract with MMKR for the City's auditing service at the not to exceed amount prices quoted within their proposal.
Agenda Item #2: Motion to confirm the recommendation of the Finance Committee to Adopt Resolution #11-11-XXX Resolution Restricting and/or Committing Specific Revenue Sources in Special Revenue Funds; and Resolution #11-11-XXX Resolution Establishing a Financial Policy for the Purpose of Allocation of Excess/Deficit General Fund Revenues (Fund Balance Policy).
Agenda Item #3: No Action Needed. Informational only.
Agenda Item #4: No Action Needed. Informational only.
Agenda Item #2: Motion to confirm the recommendation of the Finance Committee to Adopt Resolution #11-11-XXX Resolution Restricting and/or Committing Specific Revenue Sources in Special Revenue Funds; and Resolution #11-11-XXX Resolution Establishing a Financial Policy for the Purpose of Allocation of Excess/Deficit General Fund Revenues (Fund Balance Policy).
Agenda Item #3: No Action Needed. Informational only.
Agenda Item #4: No Action Needed. Informational only.
Attachments
- Summary of Audit Proposals
- Resolution Committing Revenue Sources in Special Revenue Funds
- Fund Balance Policy
- Fiscal Disparity Chart
- Credit Card Analysis June-Sept 2011
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | Kurt Ulrich | 11/03/2011 12:59 PM |
- Form Started By:
- Diana Lund
- Started On:
- 11/02/2011 12:22 PM
- Final Approval Date:
- 11/03/2011