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THE CITY OF 6 CITY COUNCIL AGENDA REPORT PL£ASANTONa February 15, 2011 Finance TITLE: ACCEPT THE COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) AND OTHER RELATED AUDITS FOR THE YEAR ENDING JUNE 30, 2010 AND APPROVE YEAR -END AUDIT ADJUSTMENTS SUMMARY Each year the City of Pleasanton is required to prepare audited financial statements in addition to a number of related reports. This action requests that City Council formally accept these reports. Copies of these reports have been distributed to all Councilmembers. A copy of the Comprehensive Annual Financial Report (CAFR) has also been made available for public inspection at the Pleasanton Public Library. In addition, the CAFR is available for public viewing on the City's website. For the 2009/10FY, as in all other years, the City has received an unqualified, or clean, opinion on the financial statements from its auditors, Caporicci & Larson, Inc. In addition, all requirements have been met to achieve the highest standard in government accounting and financial reporting; the Certificate of Achievement for Excellence in Financial Reporting issued by the Government Finance Officers Association of the United States and Canada. The City of Pleasanton has received this certificate annually for the last thirteen consecutive years. AUDIT COMMITTEE RECOMMENDATION The Committee reviewed these reports and was given a presentation by the independent auditors and recommends that the reports be formally accepted by City Council. RECOMMENDATION Staff recommends that the City Council accept the 2009/10FY audit reports and approve the year -end audit adjustments. FINANCIAL STATEMENT There is no direct fiscal impact in accepting the 2009/10FY audited reports and the details of the fiscal impact of Council approving the year -end audit adjustments are described in this report.