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1 <br />1 <br />1 <br />] <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />A ccounting and Reporting COi\LMENTS <br />Broker A cknowxedgment C ertihcate <br />Minnesota Statute § 475.66 requires that Cities receive a written broker acknowledgment certification prior <br />to investment transactions occurring. Effective January 1, 1997 municipalities will be required to update <br />the broker acknowledgment certificates annually. <br />Lvstallation of Banyo .n D ata Systems <br />The City implemented an on-site financial applications s>stem during 1995. This new system should save <br />the City approximately $11,000 annually in comparison with the previous system that was in place. The <br />City should be commended for implementing a system which will better serve its needs and save money <br />at the same time. Although the City staff performed the transition effectively, the audit took place later than <br />desired and required more effort on our part due to the fact that two accounting systems were used during <br />the year. In our experience such consequences are not unusual and are to be expected with significant <br />changes in systems. There were also insunces where large flucniations in account balances took additional <br />time for City staff to investigate and explain. The City staff is anticipating that next year’s audit will go <br />much smoother and timelier since the new system will have been in place during all of fiscal year 1996. <br />-13- <br />i <br />1