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05/28/2002 Council Packet
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05/28/2002 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
05/28/2002
Council Meeting Type
Regular
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• <br />• <br />AGENDA ITEM 3A <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE May 28, 2002 <br />TOPIC Accept 2001 Audit Report <br />VOTE REQUIRED Simple Majority (3/5) <br />BACKGROUND <br />Darwin Viker of Larson, Alien, Weishair & Company will be in attendance at the meeting to <br />provide a brief overview of the City's financial statements and to answer any questions you may <br />have with regard to the financial condition of the City. <br />The 2001 annual audit was undertaken by the City's auditors, Larson, Allen, Weishair & <br />Company, LLP, earlier this year, with field work being completed in late March. The auditors <br />review all financial transactions and the financial reports of the City over the previous year for their <br />fairness in presentation and for full disclosure of all material aspects of the City's financial <br />condition. This review is conducted in accordance with generally accepted auditing standards and <br />the standards applicable to financial audits contained in Government Auditing Standards, issued <br />by the Comptroller General of the United States. The auditors concluded that the City's financial <br />statements for 2001 presented fairly, in all material respects, the financial position of the City as of <br />December 31, 2001. The auditors also issue their reports on the City's legal compliance with <br />certain laws, regulations, contracts, etc., our internal control structure, and management issues. <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 2000 Comprehensive Annual Financial Report. We believe that the report issued <br />for 2001 continues to uphold the standards of reporting excellence that this prestigious award <br />represents. <br />Following the presentation by Mr. Viker, staff recommends that the City Council formally, by <br />motion, accept the 2001 Annual Audit Report. <br />OPTIONS <br />1) Approve a motion accepting the 2001 Annual Audit Report. <br />2) Return the report to staff for further review. <br />RECOMMENDATION <br />Option 1. <br />
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