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Central Park Gazebo

CITY COUNCIL AGENDA ITEM 28

Meeting Date: February 12, 2002

Subject/Title: Receive and File the Comprehensive Annual Financial Report for Fiscal Year 2000/01

Submitted by: Pamela Ehler, Director of Finance and Information Services

Approved by: John Stevenson, City Manager


RECOMMENDATION
Receive and file the 2000/01 Comprehensive Annual Financial Report (CAFR) as presented by Vavrinek, Trine, Day & Co., LLP, the City’s auditing firm.


PREVIOUS ACTION

The audit firm of Vavrinek, Trine, Day & Co., LLP has completed their review and examination of the City’s financial transactions and statements for the year ended June 30, 2001. The actual audit process was completed in October 2001. The finance Department provided significant support with the year-end closing, the coordination of the audit process and preparation of the Comprehensive Annual Financial Report (CAFR). 

BACKGROUND
This is the first year the City has prepared a Comprehensive Annual Financial Report (CAFR). A great deal of effort and attention to detail has gone into the preparation of this document, representing many hours of work by staff members throughout the organization. Special recognition should be given to the Finance Department staff, their efforts made it possible to improve the quality of the information being reported to the citizens, the City Council, and other users on a much more timely basis. 

The Government Finance Officers Association (GFOA) offers a recognition program for public entities to determine whether the City conforms to the highest level of financial reporting standards. If a city qualifies, a Certificate of Achievement is awarded for a period of one year. The City believes this report conforms to the Certificate of Achievement program requirements and is submitting it to the GFOA to determine its eligibility.

Producing a Comprehensive Annual Financial Report (CAFR) provides confirmation that the City operates at the highest level of financial reporting standards, which can improve the City’s future Bond ratings with the debt investment community.

FISCAL IMPACT
Producing this document within the department (in-house) saved the City an estimated $20,000.

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