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8 <br />THE CITY OF <br />-• -~- ~"' CITY COUNCIL AGENDA REPORT <br />j~L£~S~4NTONa <br />February 6, 2007 <br />Finance Department <br />TITLE: ACCEPT TRANSMITTAL OF AUDIT OF FINANCIAL TRANSACTIONS <br />FOR THE YEAR ENDING JUNE 30, 2006 <br />SUMMARY <br />Each year the City of Pleasanton is required to prepare audited financial statements in <br />addition to a number of related reports. This action requests that City Council formally <br />accept these reports. Copies of these reports have previously been distributed to all <br />Councilmembers. Acopy of the Comprehensive Annual Financial Report has also been <br />made available at the Pleasanton Public Library for public inspection. In addition, the <br />document is available for public viewing on the City's Internet website. <br />For FY 2006, as in all other years, the City has received an unqualified, or clean, <br />opinion on the financial statements from its auditors. In addition, all requirements have <br />been met to achieve the highest standard in government accounting and financial <br />reporting, the Certificate of Achievement for Excellence in Financial Reporting issued by <br />the Government Finance Officers Association of the United States and Canada. The <br />City of Pleasanton has received this certificate annually for the last nine consecutive <br />years. <br />AUDIT COMMITTEE RECOMMENDATION <br />The Committee reviewed these reports and was given a presentation by the <br />independent auditors and approved of recommending the reports be formally accepted <br />by City Council. <br />RECOMMENDATION <br />Staff recommends that the City Council accept the 2005-2006 audit reports. <br />FINANCIAL STATEMENT <br />There is no direct fiscal impact in accepting the 2005-2006 audited reports. <br />