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0 <br />• <br />the city that works for you <br />Worksession Materials <br />To: Mayor Larson <br />Council Members Bauman, Burg, Doffing and Phillips <br />Dean Lotter, City Manager <br />From: Dan Maiers, Director of Finance <br />Subject: May 26, 2009 Worksession — 2008 <br />Comprehensive Annual Financial Report and Management Reports <br />Date: May 21, 2009 <br />We have prepared the Comprehensive Annual Financial Report (CAFR) for the year ending <br />December 31, 2008. Our auditors have completed their audit of our accounting records and <br />financial statements. They have issued a clean, unqualified opinion that our financial statements <br />are presented fairly in all material respects. The auditors also have issued a Management Letter <br />and Reports on Compliance with Government Auditing Standards and Legal Compliance. These <br />reports are included with your May 26th City Council Meeting Agenda packet. <br />It is my intention that Steve Wischmann, audit partner with Kern DeWenter Viere, review the <br />2008 CAFR and their management reports with you at the worksession prior to the regular <br />Council meeting. Steve will give a presentation and be available to answer any questions that <br />you may have. <br />Our CAFR provides a wealth of financial information on the City of New Brighton, The <br />Management Letter, as prepared by Kern DeWenter Viere, is intended to be a primary <br />information tool or executive summary for the City Council. If your time is limited, then I <br />suggest that you spend it reviewing this report, instead of the CAFR. <br />I will give a short presentation during the regular business meeting. Then I will recommend that <br />the Council accept the Comprehensive Annual Financial Report for the year ending December <br />31, 2008 and the auditors' Management Letter and their Reports on Compliance with. <br />Government Auditing Standards and Legal Compliance. <br />There was one finding in the auditors' Management Letter and Reports on Compliance with <br />Government Auditing Standards and Legal Compliance. It is as follows along with our <br />response: <br />Finance Department <br />803 Old Highway 8 NW New Brighton, MN 55112 (651) 638-2101 FAX(651)638-2044 <br />