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06/05/2006 Council Packet
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06/05/2006 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
06/05/2006
Council Meeting Type
Work Session Regular
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WS -1 <br />WORK SESSION MEMORANDUM <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE June 5, 2006 <br />TOPIC 2005 Audit Report <br />BACKGROUND] <br />Darwin Viker of Larson, Allen, Weishair & Company will be in attendance at the meeting to <br />distribute the 2005 Annual Financial Report and provide an overview of the City's financial <br />statements, present the auditor's management analysis and answer any questions you may have <br />with regard to the financial condition of the City. <br />The 2005 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 U.S. Govemment Auditing Standards, <br />issued by the Comptroller General of the United States. The auditors concluded that the City's <br />financial statements for 2005 presented fairly, in all material respects, the financial position of the <br />City as of December 31, 2005. 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 />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 2004 Comprehensive Annual Financial Report. We believe that the report issued <br />for 2005 continues to uphold the standards of reporting excellence that this prestigious award <br />represents. <br />The presentation at the work session will be comprehensive and is intended to provide the <br />opportunity for council members to ask any questions or make comments about the audit report <br />and the state of city finances. Mr. Viker will also give an abbreviated presentation at the regular <br />City Council meeting on June 12, 2006, and the staff recommends that the City Council formally, <br />by motion, accept the 2005 Annual Audit Report at that time. <br />
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