HomeMy WebLinkAboutItem 07j t
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Date: July 2, 2012 - -- Item No.
Acknowledge Receipt of City of Lakeville Comprehensive Annual Financial
Report for the Year Ended December 31, 2011
Proposed Action
Staff recommends adoption of the following motion: Move to acknowledge receipt of
City of Lakeville Comprehensive Annual Financial Report for the Year Ended December
31, 2011
Overview
The City of Lakeville Comprehensive Annual Financial Report for the Year Ended
December 31, 2011 is attached for City Council review and approval. The certified
public accounting firm of Malloy, Montague, Karnowski, Radosevich & Co., P.A.
(MMKR) has audited the financial report. In their opinion, the financial statements, as
presented, represent the financial position of City of Lakeville as of December 31, 2011
and the results of operations for the year ended. Mr. William Lauer, Partner with
MMKR, will present an overview of the financial report at the July 5 Council meeting.
Primary Issues to Consider
• Financial condition of the City of Lakeville. An overview of the financial
operations is provided in the Letter of Transmittal and Management's
Discussion and Analysis.
• MMKR has submitted the attached Management Report regarding their
observations during the course of the audit.
Supportina Information
A. City of Lakeville Comprehensive Annual Financial Report for the Year Ended
December 31, 2011
B. Management Report
C. Special Purpose Audit Reports — Internal Controls, and Compliance with Laws and
Regulations
Financial Impact: - N/A budgeted: N/A Source: N/A
Related Documents (CIP, ERP, etc.):
Notes: