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#•01: <br />-i <br />'m->L'.-: <br />i%-mr <br />m <br />'»•<" <br />pf'^ <br />ii? <br />iis*'' <br />■%S' <br />■ ■ <br />:SI: <br />.T <br />,-. . '-T <br />A V:-: <br />• V- <br />- ^ t • i ^ ■ . ‘^■■ <br />* fy <br />L- ■ ' ■I' <br />mm. <br />:Si <br />?’/‘-vf;r*r-' <br />V ;«''' <br />1-I <br />PRWMCimLS <br />KENNETH W. MAUX3V, cm <br />THOM'S A. KAf»IOVWS* .CM <br />muL A nAOooEvicH. cm <br />June 1,1992 <br />City Council and Residents <br />City of Orono <br />Orono, Minnesota <br />We offer the following comments relating to your 1991 audit to assist you with the financia) planning for <br />your City and the improvement of your accounting records. <br />ComUtkm of City FUiandal Records <br />We would like to commend the Finance Department for a job well done in preparing for this <br />year's audit. The condition of the City’s finucial records, as well as your continued successfol <br />involvement in die Government Finance Officers* Association’s, "Certificate of Achievement for <br />Excellence in Financial Rqwrtlng" program, clearly reflects a commitment to excellence of which <br />the City should be proud. <br />GcocrtI Fhnd Flnandnl Condition <br />The O^irrJ Fund continues to maintain a healthy fond balance at December 31, 1991. This <br />position is even more critical consideriog the finucial position of die State of Mirnesota and <br />andcipated cutbacks from diat source of revenue. Your current fond balance has provided die <br />City with a positive cash flow during 1991 as graphically shown in our accompanying graph. <br />"Cash and Investment Flow.” We encourage you to maintain this financial health, especially <br />consideriog die potemial for future funding cuts and potential contingencies. <br />■eediils <br />We <br />ii <br />iRer <br />. *» t I’te.. <br />ied instances where geimal rece4its held in die roister were not timdy deposited. In one <br />, a dieck recrived for approximatriy $17,000 was not deposited until a week and a half <br />We strongly recommend dial die City inclement procedures to deposh these receipts tm <br />ly basis so diat no loss of revenue occurs. <br />^ ^ A' • _ <br />I <br />mm <br />1 <br />is