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City of Missoula, Montana Item to be Referred to City Council Committee Committee: A & F Item: Review of City prepared Comprehensive Annual Financial Report and hear presentation of 2009 independent audit of the financial condition of the City, the Missoula Redevelopment Agency (MRA) and the Missoula Parking Commission (MPC) from Paul Sepp of Anderson Zurmuehlen & Co., P.C. Date: January 8, 2010 Prepared by: Brentt Ramharter Initiated by: Brentt Ramharter Action Required: None. Recommended Motion: None. Timeline: Referral to committee: January 8, 2010 Committee discussion: January 20, 2010 Background and Alternatives Explored: Annually, we contract with independent auditors to review the basic financial statements (represented in the 2009 Comprehensive Annual Financial Report). The independent auditors are expected to obtain reasonable assurance that the financial statements are free from material misstatement and are fairly presented in accordance with generally accepted accounting principles. The process of preparing for the City’s audit begins July and August after the fiscal year closes in June. Financial statements and supporting schedules are prepared and submitted to the auditors the last week of October. The process of auditing our records takes approximately 4 to 6 weeks. The auditors also schedule engagements with the City’s component units, MPC and MRA and perform a review of their transactions separately. When all of the audit engagements are complete, the information is compiled in the City’s CAFR and presented to the Government Finance Officers Association for consideration for their Excellence in Financial Reporting program. The City has been awarded this honor for the last 12 years (1997-2008) and it is considered the highest form of recognition in governmental accounting and financial reporting. Its attainment represents a significant accomplishment by a government and its management. ---PAGE BREAK--- A review of the results of the audits for all entities will be presented by our independent audit firm, Anderson Zurmuehlen. It is worthy to note that the City received an unqualified opinion or clean opinion which means that the financial statements and internal controls were complete. Financial Implications: None. Attachments: City of Missoula Comprehensive Annual Financial Report Presentation of Independent Audit Results Letter of Governance