HomeMy WebLinkAboutItem 13 Acceptance of the 2006/2007 Comprehensive Annual Financial Report
SPRINGFIELD
Meeting Date: April 07, 2008
Meeting Type: Regular
Department: Finance
Staff Contact: Mike Crockertv"C--
Phone No.: 726-3740
Estimate Time: Consent Calendar
AGENDA ITEM SUMMARY
CITY COUNCIL
ITEM TITLE:
2007 ANNUAL FINANCIAL REPORT
ACTION REQUESTED: Accept the 2006/2007 Comprehensive Annual Financial Report.
ISSUE STATEMENT: In accordance with Oregon statutes and the City's Charter, the city is required to
. complete an annual audit and financial statement. The report was presented to the
City Council at the March 24,2008, work session and was scheduled for formal
acceptance by the consent calendar at the next regularly scheduled Council
meeting. .
A TT ACHMENTS: Attachment 1: Comprehensive Annual Financial Report
DISCUSSION: Grove, Mueller & Swank, PC, the city's independent auditors, have completed
their audit of the City's 2006/2007 Comprehensive Annual Financial Report
(CAFR)and have issued their opinion thereon. Mr. Chuck Swank from Grove,
Mueller & Swank, PC attended the Council's work session on March 24 to review
the audit process and discuss the management letter during the work session.
The auditors found no material weaknesses in the city's internal financial controls
and they issued a "clean opinion" on th~ city's annual financial report. This means
we are properly accounting for the city's financial resources and that we are using
adequate financial controls to help prevent any improper use of those resources.
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