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0 To: Mayor Jacobsen Council Member Bauman, Burg, Phillips, and Samuelson Dean Lotter, City Manager /b From: Dan Maters, Director of Finance Subject May 22, 2010 Worksession-2009 Comprehensive Annual Financial Report and Management Reports Date: May I8, 2010 We have prepared the Comprehensive Annual Financial Report (CAFR) for the your ending December 31, 2005. Cur auditors have completed their audit of our accounting records and financial statements. They have issued a clean, mqualified opinion that our financial statements • are presented fairly in all material respects. The auditors also have issued a Management Letter and Report on Compliance with Goverment Auditing Standards and Legal Compliance. These reports me included with your May 25th City Council Meeting Agenda packet. It is my intention that Steve Wischmann, audit partner with Kem DeWenter Vim, review the 2009 CAFR and their management reports with you at the worksession prior to the regular Council meeting. Steve will give a presentation and be available to answer any questions that you may have. Our CAFR provides a wealth of financial information on the City of New Brighton. The Management Letter, as prepared by Kern DeWenter Vim, is intended to be a primary information tool or executive summary for the City Council. Ifyour time is limited, then 1 suggest that you spend it reviewing this report, instead ofthe CAFR I will give a short presentation during the regular business meeting. Then I will recommend that the Council accept the Comprehensive Annual Financial Report for the year ending December 31, 2009 and the auditors' Management Letter and their Reports on Compliance with Government Auditing Standards and Legal Compliance. There were two findings in the auditors' Management Letter and Reports on Compliance with Goverment Auditing Standards and Legal Compliance. They are as follows, paraphrased, along with our responses: