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APPENDIX IV EXCERPT OF 2008 ANNUAL FINANCIAL STATEMENTS The City is audited annually by an independent certified public accounting firm. Data on the following pages was extracted from the City's comprehensive annual financial report for fiscal year ended December 31, 2008 (the "CAFR "). The City's comprehensive annual financial report for fiscal year ended December 31, 2009 is not yet available. The reader should be aware that the complete CAFR may contain additional information which may interpret, explain, or modify the data presented here. The complete CAFR is available at the offices of the City. The City has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for its comprehensive annual financial report for the year ended December 31, 2007. The Certificate of Achievement is the highest form of recognition for excellence in State and local government financial reporting. The City has received this award every year since 1996. In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. Such CAFR must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. The City believes its CAFR continues to conform to the Certificate of Achievement program requirements and has submitted its CAFR for the 2008 fiscal year to GFOA.