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<br />WS – Item 1 <br />WORK SESSION STAFF REPORT <br />Work Session Item No. 1 <br /> <br /> <br />Date: June 6, 2016 <br /> <br />To: City Council <br /> <br />From: Sarah Cotton, Finance Director <br /> <br />Re: 2015 Annual Audit Report <br /> <br /> <br />Background <br /> <br />Chris Knopik and Daniel Persaud of CliftonLarsonAllen, LLP will be in attendance at the <br />meeting to provide an overview of the City’s 2015 Annual Financial Report, present the <br />auditor’s management analysis and answer any questions you may have with regard to <br />the financial condition of the City. <br /> <br />The 2015 annual audit was undertaken earlier this year, with field work being completed <br />in April. The auditors review all financial transactions and the financial reports of the <br />City over the previous year for their fairness in presentation and for full disclosure of all <br />material aspects of the City’s financial condition. This review is conducted in accordance <br />with generally accepted auditing standards and the standards applicable to financial <br />audits contained in U.S. Government Auditing Standards, issued by the Comptroller <br />General of the United States. The auditors concluded that the City’s financial statements <br />for 2015 presented fairly, in all material respects, the financial position of the City as of <br />December 31, 2015. The auditors also issue their reports on the City’s legal compliance <br />with certain laws, regulations, contracts, etc., our internal control structure, and <br />management issues. <br /> <br />It should be noted that the City has received the Certificate of Achievement for <br />Excellence in Financial Reporting from the Government Finance Officers Association of <br />the United States and Canada for its 2014 Comprehensive Annual Financial Report. The <br />city has received this award each year since 1995. We believe that the report issued for <br />2015 continues to uphold the high standards of reporting excellence that this prestigious <br />award represents. <br /> <br />The presentation at the work session will be comprehensive and is intended to provide the <br />opportunity for council members to ask any questions or make comments about the audit <br />report and the state of city finances. Mr. Knopik and Mr. Persaud will also give an <br />abbreviated presentation at the May 13, 2016, regular City Council meeting. <br /> <br />Requested Council Direction <br /> <br />None <br />