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<br />APPENDIX IV <br /> <br />ANNUAL FINANCIAL STATEMENTS <br /> <br />The City's financial statements are audited annually by an independent certified public <br />accounting firm. Selected audited financial statements for years ending <br />December 31, 1998, 1997, and 1996 are presented here. Governmental funds and <br />expendable trust funds are accounted for using the modified accrual basis of accounting. <br />Proprietary funds are accounted for using the accrual basis of accounting. The reader should <br />be aware that the complete financial statements may contain additional data relating to the <br />information presented here which may interpret, explain or modify it. <br /> <br />The City's Comprehensive Annual Financial Report (CAFR) for the fiscal years 1989 through <br />1997 were awarded the Certificate of Achievement for Excellence in Financial Reporting <br />(Certificate of Achievement) by the Government Finance Officers Association of the United <br />States and Canada (GFOA). The Certificate of Achievement is the highest form of recognition <br />for excellence in state and local government financial reporting. <br /> <br />In order to be awarded a Certificate of Achievement, a government unit must publish an easily <br />readable and efficiently organized comprehensive annual financial report, whose contents <br />conform to program standards. Such CAFR must satisfy both generally accepted accounting <br />principles and applicable legal requirements. <br /> <br />A Certificate of Achievement is valid for a period of one year only. The City has submitted its <br />CAFR for the 1998 fiscal year to the GFOA. <br /> <br />IV-1 <br />