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A <br />Ja' <br />MINUTES OF THE <br />ORONO CITY COUNCIL MEETING <br />Monday, May 29, 2012 <br />• 7:00 o'clock p.m. <br />ROLL CALL <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 />Mayor McMillan called the meeting to order at 7:02 p.m., followed by the Pledge of Allegiance. <br />APPROVAL OF AGENDA <br />1. CONSENT AGENDA <br />Item Nos. 6, 1:1;:12, and 13 were added to the Consent °Agenda. <br />APPROVAL OF MINUTES <br />*2. CITY COUNCIL WORK SESSION OF MAY 14, 2012 <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 />*3. • REGULAR CITY COUNCIL MEETING OF MAY 14, 2012 <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 />PRESENTATION <br />4. 2011 COMPREHENSIVE ANNUAL FINANCIAL REPORT <br />Dennis Hoogeveen and Michelle Hoffinan, Clifton, Larson, Allen, were present. <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 />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 />• 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 />Page 1 of 10 <br />N ?� <br />