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CITY COUNCIL <br />AGENDA ITEM 2A <br /> <br /> <br />STAFF ORIGINATOR: Al Rolek <br /> <br />MEETING DATE: May 28 , 201 3 <br /> <br />TOPIC: Accept 2012 Annual Audit Report <br /> <br />VOTE REQUIRED: 3/5 <br /> <br />BACKGROUND <br /> <br />Rachel Flanders and Chris Knopik of CliftonLarsonAllen, LLC will be in attendance at the meeting <br />to provide a brief overview of the City’s 20 12 Annual Financial Report, present the auditor’s <br />management analysis and answer any questions you may have with regard to the financial condition <br />of the City. <br /> <br />The 2012 annual audit was undertaken earlier this year, with field work being completed in April . <br />The auditors review all financial transactions and the financial reports of the City over the previous <br />year for their fairness in presentation and for full disclosure of all material aspects of the C ity’s <br />financial condition. This review is conducted in accordance with generally accepted auditing <br />standards and the standards applicable to financial audits contained in U.S. Government Auditing <br />Standards, issued by the Comptroller General of the United States. The auditors concluded that the <br />City’s financial statements for 20 12 presented fairly, in all material respects, the financial position <br />of the City as of December 31, 2012 . The auditors also issue their reports on the City’s legal <br />compliance 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 Excellence in <br />Financial Reporting from the Government Finance Officers Association of the United States and <br />Canada for its 2011 Comprehensive Annual Financial Report. This is the six teen th consecutive <br />year that the city has received this award. We believe that the report issued for 2012 continues to <br />uphold the standards of reporting excellence that this prestigious award represents. <br /> <br />Following the presentation by Ms . Flanders and M r. Knopik, staff recommends that the City <br />Council formally, by motion, accept the 2012 Annual Audit Report. <br /> <br />RECOMMENDATION <br /> <br />Approve a motion accepting the 2012 Annual Audit Report. <br /> <br />ATTACHMENTS <br /> <br />201 2 Comprehensive Annual Financial Report <br />201 2 Other Audit Reports