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ljjERK�P M <br />the city that works for you <br />Report Number: <br />Agenda Section: <br />Report Date June 6, 2007 <br />Council Meeting Date June 12 2007 <br />REQUEST FOR COUNCIL CONSIDERATION <br />ITEM DESCRIPTION: ACCEPTANCE OF THE CITY'S COMPREHENSIVE ANNUAL <br />FINANCIAL REPORT AND MANAGEMENT REPORTS FOR FISCAL YEAR ENDING DECEMBER <br />31, 2006. <br />DEPARTMENT HEAD'S APPROVAL: <br />CITY MANAGER'S APPROVAL: <br />No comments to supplement this report Comments attached <br />Recommendation: Accept the Comprehensive Annual Financial Report for the year ending December <br />31, 2006, and the auditors' Management Letter and their Reports on Compliance with Government <br />Auditing Standards and Legal Compliance. <br />Legislative History: NA <br />Financial Impact: NA <br />Explanation: Preparation of the City's Comprehensive Annual Financial Report (CAFR) for the year <br />ending December 31, 2006, has been completed. Kern DeWenter Viere has completed their audit of our <br />accounting records and financial statements. They have issued an unqualified, or clean, opinion that our <br />financial statements are presented fairly in all material respects. The auditors also have issued a <br />Management Letter and their Reports on Compliance with Government Auditing Standards and Legal <br />Compliance. <br />Prior to the regular City Council meeting on June 12th, a worksession was held to review the CAFR, the <br />Management Letter, and the Reports on Compliance with Government Auditing Standards and Legal <br />Compliance. Representatives from our independent auditing firm went over their reports in more detail <br />with the City Council. <br />The following is a summary of the financial results of our operations for the year ending December 31, <br />2006: <br />Revenues <br />Expenditures <br />Net increase (decrease) <br />to fund balance <br />GENERALFUND <br />2006 <br />Budget <br />$12,087,900 <br />12,087,900 <br />$0 <br />2006 <br />Actual <br />$12,236,571 <br />11,723.341 <br />The net variance to the General Fund's budget was $513,530. Significant variances from budget include: <br />• Federal Homeland Security and CERT grants of $40,000 were received in 2006 which were not <br />anticipated in the 2006 budget. <br />