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CITY COUNCIL <br />AGENDA ITEM 2A <br /> <br /> <br />STAFF ORIGINATOR: Sarah Cotton <br /> <br />MEETING DATE: June 12, 2017 <br /> <br />TOPIC: Accept 2016 Annual Audit Report <br /> <br />VOTE REQUIRED: 3/5 <br /> <br /> <br />BACKGROUND <br /> <br />Andy Hering of Redpath and Company will be in attendance at the meeting to provide a brief <br />overview of the City’s 2016 Annual Financial Report, present the auditor’s management analysis <br />and answer any questions you may have with regard to the financial condition of the City. <br /> <br />The 2016 annual audit was undertaken earlier this year, with field work being completed in May. <br />The auditors review all financial transactions and the financial reports of the City over the <br />previous year for their fairness in presentation and for full disclosure of all material aspects of the <br />City’s financial condition. This review is conducted in accordance with generally accepted <br />auditing standards and the standards applicable to financial audits contained in U.S. Government <br />Auditing Standards, issued by the Comptroller General of the United States. The auditors <br />concluded that the City’s financial statements for 2016 presented fairly, in all material respects, the <br />financial position of the City as of December 31, 2016. The auditors also issue their reports on the <br />City’s legal compliance with certain laws, regulations, contracts, etc., our internal control <br />structure, and management issues. <br /> <br />It should be noted that the City has received the Certificate of Achievement for Excellence in <br />Financial Reporting from the Government Finance Officers Association of the United States and <br />Canada for its 2015 Comprehensive Annual Financial Report. The city has received this award <br />each year since 1995. We believe that the report issued for 2016 continues to uphold the high <br />standards of reporting excellence that this prestigious award represents. <br /> <br />RECOMMENDATION <br /> <br />Following the presentation by Mr. Hering, staff recommends that the City Council formally, by <br />motion, accept the 2016 Annual Audit Report. <br /> <br />ATTACHMENTS <br /> <br />2016 Comprehensive Annual Financial Report <br />2016 Other Audit Reports <br />