6.4. SR 06-21-2004 - Laserfiche WebLink

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MEMORANDUM Item 6.4. TO: FROM: DATE: SUBJECT: Mayor and City Council Lori Johnson, Finance Director June 2 I, 2004 Presentation of Comprehensive Annual Financial Report for Period Ended December 3 I, 2003 Steve McDonald of Abbo, Eick, and Meyers and I will be present on Monday night to review the city's 2003 Comprehensive Annual Financial Report (CAFR). This is the first CAFR completed under GASB 34 and, as you will notice, the report looks considerably different than in past years. It may be best if you f~rst focus on both the transmittal letter, which is included in the introductory section of the CAFR, and management's discussion and analysis, which is included in the financial section, as these provide an overview of the financial highlights and summaries of the data in an easy to read format. Also, Steve and I will be prepared to briefly review the 2003 Fire Relief audit at the meeting. Due to the length of the CAFR, it has not been distributed will all Council packets. If you did not receive a copy and you would like one, please contact me and one will be provided to you. Finally, as the Council knows, the Finance Department has been preparing for the implementation of GASB 34 for several years. This was not a simple implementation. It required a huge time commitment because a substantial amount of infrastructure information needed to be complied, minor internal fund structure changes needed to be made, and essentially a whole new report had to be created. Assistant Finance Director Lori Ziemer did much of the work and deserves a great deal of credit in the preparation of this report. The f~rst year of implementation is always the most difficult so we look forward to next year when we should be back on our regular audit schedule with presentation of the report to the Council earlier in the year. S:~Council\Lori~2004~cafr03.doc