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62686.1 <br />TO: Mayor and City Council <br />FROM: Mark Bernhardson, City Administrator <br />DRTB: July 10, 1986 <br />SUBJBCT: 1985 Audit Report and Financial Condition Statement <br />Attached please find a copy of the Audit Report done by Pennell <br />Kerr and Forester for the 1985 fiscal year. As has been typical <br />the audit shows that the City is in excellent shape with no <br />exceptions noted. Two notes are included, one relates to the <br />City's future treating of accrued vacation and sick leave which <br />during the next two months the Finance Director and myself are <br />studying and will develop a recommendation for future years. The <br />second note pertains to the need to designate someone to approve <br />collateral assignments and changes, which recommendation will be <br />presented at the July 24, 1986 Council meeting. <br />In addition to submitting the Financial Report to the state by <br />the required June 30, 1986 deadline, the City will also be <br />publishing the appropriate Firancial Statements to be included in <br />the paper prior to July 31, 1986. <br />PROPOSED MOTION - Moved by _, seconded by _, to accept the <br />independent Auditor's Report on the financial condition of the <br />City for the 1985 fiscal year ending December 31, 1985. Ayes , <br />Nays _ <br />