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WS — Item 2 WORK SESSION STAFF REPORT Work Session Item 2 Date: May 26, 2015 To: City Council From: Al Rolek Re: 2014 Annual Audit Report Background Chris Knopik and Daniel Persaud of CliftonLarsonAllen, LLC will be in attendance at the meeting to provide an overview of the City's 2014 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 2014 annual audit was undertaken 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 2014 presented fairly, in all material respects, the financial position of the City as of December 31, 2014. 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 2013 Comprehensive Annual Financial Report. The city has received this award each year since 1995. We believe that the report issued for 2014 continues to uphold the high standards of reporting excellence that this prestigious award represents. The presentation at the work session will be comprehensive and is intended to provide the opportunity for council members to ask any questions or make comments about the audit report and the state of city finances. Ms. Flanders and Mr. Knopik will also give an abbreviated presentation this evening at the regular City Council meeting. Requested Council Direction None. Attachments None.