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<br />CITY COUNCIL WORK SESSION <br />Topic Report: Receipt of 2008 <br />Comprehensive Annual Financial Report <br />(CAFR) <br />Rv: Diana T ,1lncL Finance Officer <br /> <br />Background: <br /> <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 was sent electronically with council agenda) which is a brief summary of the <br />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 6/9/09 <br />Council meeting. <br /> <br />Reviewed By: . _ . ~ <br /> <br />City Administrator: ~0 ~ <br />Finance Officer <br /> <br />CCWS: 6/9/09 <br />