07/24/2006 Council Packet - Laserfiche WebLink

Home Search

APPENDIX IV EXCERPT OF 2005 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, 2005 (the "CAFR "). 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 Governmental Accounting Standards Board (GASB) issued Statement 34, Basic Financial Statements for State and Local Governments in June 1999. The statement establishes a new financial reporting model for state and local governments. GASB developed the new requirements to make annual reports more comprehensive and easier to understand and use. The new requirements include government -wide financial statements prepared on the full accrual basis that are in addition to, not instead of, the traditional Fund -Based statements; and an expanded Budget Comparison that includes the adopted budget, final budget, and actual revenues and expenditures. 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, 2004. 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 is submitting its CAFR for the 2005 fiscal year to GFOA.