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P31 AGENDA ITEM 2A • STAFF ORIGINATOR Al Rolek MEETING DATE June 13, 2011 TOPIC Accept 2010 Annual Audit Report VOTE REQUIRED Simple Majority (3/5) • • BACKGROUND Craig Popenhagen and Brady Hoffman of LarsonAllen, LLC will be in attendance at the meeting to provide a brief overview of the City's 2010 Annual Financial Report, present the auditor's management analysis and answer any questions you may have with regard to the financial condition of the City. The 2010 annual audit was undertaken by the City's auditors, LarsonAllen, LLC, earlier this year, with field work being completed in April. 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 2010 presented fairly, in all material respects, the financial position of the City as of December 31, 2010. 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 2009 Comprehensive Annual Financial Report. This is the fifteenth year that the city has received this award. We believe that the report issued for 2010 continues to uphold the standards of reporting excellence that this prestigious award represents. Following the presentation by Mr. Popenhagen and Ms. Hoffman, staff recommends that the City Council formally, by motion, accept the 2010 Annual Audit Report. OPTIONS 1) Approve a motion accepting the 2010 Annual Audit Report. 2) Return the report to staff for further review. RECOMMENDATION Option 1.