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<br />-L <br /> <br />CITY COUNCIL WORK SESSION <br />Topic Report: Receipt of 2007 <br />Comprehensive Annual Financial Report <br />(CAFR) <br />Rv: Di::ma T ,llno. Fimmc.e ()ffker <br /> <br /> <br />Background: <br /> <br />Each year the City is required to have an audit of the City's financial records by an <br />independent auditing firm. After the. audit is complete, the Comprehensive Annual <br />Financial Report (CAFR) is prepared to report the overall financial position of the City. <br />It is this report that bond rating firms such as Moody's use in the determination of our <br />bond rating when the City is issuing new debt. <br /> <br />Aaron Nielson from the auditing firm of Malloy, Montague, Karnowski and Radosevich <br />(MMKR) will be making the audit presentation. He will go over the Management Report <br />(A copy is included in your packet - please bring to the meeting) which is a brief <br />summary of the CAFR and information relevant to city finances in Minnesota. <br /> <br />Action Statement: <br /> <br />Presentation only. Acceptance ofCAFR has been added as a consent item in the 6/10/08 <br />Council meeting. <br /> <br />Reviewed By: j _ /J <br /> <br />City Administrator: ~ ~ U <br />Finance Officer <br /> <br />CCWS: 6/10/08 <br />