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<br /> <br />REQUEST FOR ACTION <br /> <br />To <br />Ci Council <br />Agenda Section <br />Administration <br />Item Description <br />Presentation of Comprehensive Annual Financial Report for the <br />Year Ended December 31, 2006 <br /> <br />Meeting Date <br />une 4, 2007 <br /> <br />Item Number <br />7.5. <br />Prepared by <br />Tim Simon, Finance Director <br />Reviewed by <br />Lori ohnson, Ci Administrator <br />Reviewed by <br /> <br />Action Requested <br />City Council is asked to review and accept the Comprehensive Annual Financial Report for the City of <br />Elk River for year ended December 31, 2006. <br /> <br />Backiround/Discussion <br />Andrew Berg of Abdo, Eick, & Meyers will present the City's 2006 Comprehensive Annual Financial <br />Report (CAFR) along with staff. The presentation on the CAFR will review the general fund activity, <br />some of the special revenue funds, and all the enterprise funds. Much of this information is summarized <br />in the City of Elk River Management Letter. The Fire Relief report will be briefly discussed as a formal <br />presentation was made at the quarterly board meeting on April 17, 2007. We will also go over the Federal <br />Financial Award Programs report as the City had expended enough federal awards to require a single <br />audit for the year ended December 31, 2006. <br /> <br />The following are some highlighted areas of the CAFR and corresponding page numbers. <br /> <br />Transmittal letter - page 1 <br />Independent Auditor's report - page 9 <br />Management's Discussion and Analysis - page 11 <br />Budget and Actual (General Fund) - page 25 <br />Enterprise Funds - page 26 <br />Statistical Section - page 78 <br /> <br />Financial Impact <br /> <br />None <br /> <br />Attachments <br />The following items have been distributed to the Mayor and Council <br />. Comprehensive Annual Financial Report for the year ended December 31, 2006 <br />. Federal Financial Award Programs <br />. City of Elk River Management Letter <br />. Elk River Fire Department Relief Association Financial Statements and Supplementary <br />Information <br />. Elk River Fire Relief Management Letter <br /> <br />S: \Council\ Tim \2006Auditpresentation.doc <br />