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WS -1 WORK SESSION MEMORANDUM STAFF ORIGINATOR Al Rolek MEETING DATE June 8, 2005 TOPIC 2004 Audit Report VOTE REQUIRED Simple Majority (3/5) BACKGROUND Darwin Viker of Larson, Allen, Weishair & Company will be in attendance at the meeting to distribute the 2004 Annual Financial Report and provide an overview of the City's financial statements, present the auditor's management analysis and answer any questions you may have with regard to the financial condition of the City. GASB Statement 34, implemented in the year 2003, changes the emphasis on financial reporting from a fund - based, modified accrual basis of accounting to an entity -wide, full accrual reporting basis. The significance of this change and its affects on our reporting structure will be reviewed by Mr. Viker during his review. The 2004 annual audit was undertaken by the City's auditors, Larson, Allen, Weishair & Company, LLP, earlier this year, with field work being completed in late March. The auditors review all financial transactions and the financial reports of the City over the previous year for their fairness in presentation and for full disclosure of all material aspects of the City's financial condition. This review is conducted in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in U.S. Government Auditing Standards, issued by the Comptroller General of the United States. The auditors concluded that the City's financial statements for 2004 presented fairly, in all material respects, the financial position of the City as of December 31, 2004. The auditors also issue their reports on the City's legal compliance with certain laws, regulations, contracts, etc., our internal control structure, and management issues. It should be noted that the City has received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada for its 2003 Comprehensive Annual Financial Report. We believe that the report issued for 2004 continues to uphold the standards of reporting excellence that this prestigious award represents. Staff recommends that the City Council formally, by motion, accept the 2004 Annual Audit Report at the June 13, 2005 City Council meeting.