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Awards and Acknowledgements <br />The Government Finance Officers Association of the United Stated and Canada (GFOA) awarded a <br />Certificate of Achievement for Excellence in Financial Reporting to the City of Elk River for its CAFR <br />for the fiscal year ended December 31, 2005. This was the seventeenth consecutive year that the City has <br />received this prestigious award. In order to be awarded a Certificate of Achievement the government <br />must publish an easily readable and efficiently organized comprehensive annual financial report. This <br />report must satisfy both generally accepted accounting principles and applicable legal requirements. <br />A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFR <br />continues to meet the Certificate of Achievement program requirements and it will be submitted to the <br />GFOA to determine its eligibility for another certificate. <br />The preparation of this report is made possible by the efficient and dedicated services of the entire staff of <br />the City Administrator’s office and Finance Department. The Mayor and City Council are to be <br />commended for their diligence and resolve in keeping the City in sound and stable financial condition. <br />The City Council’s commitment to continually plan for the City’s future and dedication to maintain high <br />financial standards has helped the City maintain its strong financial condition during a long period of <br />growth. <br />Respectfully submitted, <br />Timothy Simon, MBA <br />Finance Director <br />5 <br /> <br />