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Request for Action <br />To <br />Item Number <br />Mayor and City Council <br />6.1 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />Presentations, Awards, <br />June 6, 2016 <br />Lori Ziemer, Interim Finance Director <br />and Recognition <br />Item Description <br />Reviewed by <br />Comprehensive Annual Financial Report for the <br />Cal Portner, City Manager <br />Year Ended December 31, 2015 <br />Reviewed by <br />Action Requested <br />Approve, by motion, the Comprehensive Annual Financial Report for the City of Elk River for the year <br />ended December 31, 2015 <br />Background/Discussion <br />The city is required to have an annual independent audit of its financial statements in which the audit firm <br />issues an opinion on the financial statements. For fiscal year 2015, GASB Statement No. 68 was <br />implemented requiring governments to report their proportionate share of public pension liabilities and <br />expenses on their government -wide financial statements. <br />Andrew Berg, Governmental Services Partner with Abdo, Eick, & Meyers will present the 2015 <br />Comprehensive Annual Financial Report (CAFR) and the audit results. The presentation of the CAFR <br />will review the General Fund, some of the Special Revenue funds and all of the Enterprise funds and is <br />summarized in the City of Elk River Management Letter. <br />The Fire Relief report will be briefly discussed, as a formal presentation was made at the board meeting <br />on June 1. <br />Financial Impact <br />N/A <br />Attachments <br />■ City of Elk River Management Letter <br />■ Comprehensive Annual Financial Report for the year ended December 31, 2015 <br />■ Other Required Report (Legal Compliance) <br />AR <br />