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WWBF0J1G0HT0N the city that works for you Worksession Materials • REQUEST FOR COUNCIL CONSIDERATION ITEM DESCRIPTION: ACCEPTANCE OF THE CITY'S COMPREHENSIVE ANNUAL FINANCIAL REPORT AND MANAGEMENT REPORTS FOR FISCAL YEAR ENDING DECEMBER 31, 2008. DEPARTMENT HEAD'S APPROVAL: CITY MANAGER'S APPROVAL: No comments to supplement this report Comments attached Recommendation: Accept the Comprehensive Annual Financial Report for the year ending December 31, 2008, and the auditors' Management Letter and their Reports on Compliance with Government Auditing Standards and Legal Compliance. Legislative History: NA Financial Impact: NA Explanation: Preparation of the City's Comprehensive Annual Financial Report (CAFR) for the year ending December 31, 2008, has been completed. Kern DeWenter Viere has completed their audit of our accounting records and financial statements. They have issued an unqualified, or clean, opinion that our financial statements are presented fairly in all material respects. The auditors also have issued a Management Letter and their Report on Compliance with Government Auditing Standards and Legal Compliance. Prior to the regular City Council meeting on May 26th, a worksession is scheduled to review the CAFR, the Management Letter, and the Reports on Compliance with Government Auditing Standards and Legal Compliance. Representatives from our independent auditing firm went over their reports in more detail with the City Council. The following is a summary of the financial results of our operations for the year ending December 31, 2008: Revenues Expenditures Net increase (decrease) to fund balance GENERALFUND 2008 Final Amended Budget _ $12,848,070 13,075,230 ($227.160) 2008 Actual $13,025,688 12,880,116 $145,572 The net variance to the General Fund's budget was $372,732. Significant variances from budget include: 0 Building permit revenues were $168,636 over the amount anticipated in the budget.