HomeMy WebLinkAboutFiscal Year 2009 Financial Audit Presentation.pdf
Commission Memorandum
REPORT TO: Honorable Mayor and City Commission
FROM: Brian LaMeres, City Controller and
Chris Kukulski, City Manager
(to be presented by Merrilee Glover of J.C.C.S.)
SUBJECT: Comprehensive Annual Financial Report (CAFR) for Fiscal Year 2008-2009
MEETING DATE: December 14, 2009
BACKGROUND: Section 2-7-503 MCA requires that a financial report be prepared for every fiscal
year. The statute requires a biannual audit of the accounts, financial records, and transactions of all
administrative departments of the City by independent certified accountants selected by the City
Commission. It has historically been the belief of the City Commission and City Administration that an
annual audit assures a higher level of financial management and fiscal responsibility than a biannual audit.
This policy, along with the legal reporting requirement, has been followed for fiscal year 2009, and the
clean unqualified opinion expressed by the audit firm of Junkermeir, Clark, Campanella & Stevens, PC
has been included in the accompanying report. The City’s Audit Committee has reviewed and accepted
the CAFR and the accompanying letter to management.
RECOMMENDATION: The City Commission accepts the CAFR and accompanying reports.
FISCAL EFFECTS: A clean unqualified audit opinion on the City’s financial statements is
viewed favorably by investment analysts and strengthens the City’s ability
to issue bonds or other debt at a lower interest cost.
ALTERNATIVES: As suggested by the City Commission.
Attachments: CAFR Comprehensive Annual Financial Report
posted online at: http://www.bozeman.net/bozeman/finance/Accounting/CAFR.aspx
Auditor’s Letter to Management
Building Inspection Agreed-Upon Procedures Report
Report compiled on December 9, 2009
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