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CITY COUNCIL WORK SESSION <br />Topic Report: Receipt of 2005 <br />Comprehensive Annual Financial Report <br />(CAFR) <br />[iv: Diana I,nnd. Finance Officer <br /> <br /> SEYI <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 Nielsen from the auditing finn of Malloy, Montague, Kamowski 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) which is a brief summary of the CAFR <br />and information relevant to city finances in Minnesota. <br /> <br />Action Statement: <br /> <br />Presentation only. Acceptance of CAFR has been added as a consent item in the 6/27/06 <br />Council meeting. <br /> <br />CCWS: 6/27/06 <br /> <br /> <br />