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MINUTES OF THE <br />ORONO CITY COUNCIL MEETING <br />Monday, May 29, 2012 <br />7:00 o’clock p.m. <br />_____________________________________________________________________________________ <br /> <br /> Page 1 of 10 <br /> <br />ROLL CALL <br /> <br />The Orono City Council met on the above-mentioned date with the following members present: Mayor <br />Lili Tod McMillan, and Council Members Cindy Bremer, Doug Franchot, and Aaron Printup. <br />Representing Staff were City Administrator Jessica Loftus, City Clerk Lin Vee, Finance Director Ron <br />Olson, Assistant City Administrator of Long-Term Strategic Planning Michael Gaffron, City <br />Engineer/Public Works Director Jesse Struve, City Attorney Soren Mattick, and Recorder Jackie Young. <br /> <br />Mayor McMillan called the meeting to order at 7:02 p.m., followed by the Pledge of Allegiance. <br /> <br /> <br />APPROVAL OF AGENDA <br /> <br />1. CONSENT AGENDA <br /> <br />Item Nos. 6, 11, 12, and 13 were added to the Consent Agenda. <br /> <br /> <br />APPROVAL OF MINUTES <br /> <br />*2. CITY COUNCIL WORK SESSION OF MAY 14, 2012 <br /> <br />Bremer moved, Franchot seconded, to approve the minutes of the Orono City Council Work <br />Session of May 14, 2012, as submitted. VOTE: Ayes 4, Nays 0. <br /> <br />*3. REGULAR CITY COUNCIL MEETING OF MAY 14, 2012 <br /> <br />Bremer moved, Franchot seconded, to approve the minutes of the Orono City Council meeting of <br />May 14, 2012, as submitted. VOTE: Ayes 4, Nays 0. <br /> <br /> <br />PRESENTATION <br /> <br />4. 2011 COMPREHENSIVE ANNUAL FINANCIAL REPORT <br /> <br />Dennis Hoogeveen and Michelle Hoffman, Clifton, Larson, Allen, were present. <br /> <br />Hoogeveen noted the firms of Larson, Allen and Clifton, Gunderson have merged as of this year and their <br />business focus is on governmental entities. <br /> <br />Hoffman stated the audit does provide reasonable but not absolute assurance on the City’s financial <br />statements. A new accounting policy was adopted in 2011, GASB 54, which affects fund balance <br />categories and special revenue funds. The significant accounting estimates included in the report include <br />useful lives of capital assets, valuation of investments, and post-employment benefits. Hoffman noted <br />that they received the full cooperation of the City’s management team during the audit. <br /> <br />Hoffman noted the City received an unqualified or clean opinion on the financial statements, which is the <br />highest rating the City can obtain. Two exceptions were noted as it relates to preparation of financial <br /> <br />Item #03 - CC Agenda - 06/11/2012 <br />Approval of Council Minutes 05/29/2012 [Page 1 of 10]