A. Council Report Audit 2008

KIRKSVILLE CITY COUNCIL REPORT Council Meeting Date: August 3, 2009 Agenda Item: A Report Prepared by: Laura Guy, Finance Director Recommended Motion: Information presentation only. Background: Williams-Keepers LLC of Columbia, Missouri, an independent auditing firm, conducted the audit of the City’s financial accounting and reporting practices for the fiscal year ended December 31, 2008. An unqualified opinion was given, which is the most desirable type of opinion that can be attained meaning that the financial statements are fairly presented in all material aspects and that the statements conform to generally accepted accounting principles. This provides assurance of the integrity of the City’s financial management and that financial reporting is in compliance with governmental accounting standards. The Comprehensive Annual Financial Report (CAFR), Management Letter and Communication of Audit Related Matters will be presented to the City Council by Ms. Heidi Check, CPA of Williams-Keepers LLC. The CAFR is designed to report on the financial condition of the City and demonstrates the City’s financial accountability to its citizenry. Included in the CAFR is the Independent Auditors’ Report, otherwise known as the auditor’s opinion. The financial statements are in conformance with the GASB 34 model, which made drastic changes in the reporting by a governmental entity. The basic financial statements are presented ...