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THE CITY OF 10 j�LEASANTON. CITY COUNCIL AGENDA REPORT February 21, 2012 Finance TITLE: ACCEPT THE COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) AND OTHER RELATED AUDITS FOR THE YEAR ENDING JUNE 30, 2011 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 Council members. 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 2010/11 FY, as in all other years, the City has received an unqualified, or clean, opinion on the financial statements from its auditors, Vavrinek, Trine, Day & Company. 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 fourteen consecutive years. AUDIT COMMITTEE RECOMMENDATION The Audit Committee reviewed these reports on February 1 and recommends that the reports be formally accepted by City Council. RECOMMENDATION Staff recommends that the City Council accept the 2010/11 FY audit reports. FINANCIAL STATEMENT There is no direct fiscal impact in accepting the 2010/11 FY audited reports.