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10 THE CITY OF ~I ~ CITY COUNCIL AGENDA REPORT j~L£ ~S~4NTONo February 5, 2008 Finance Department TITLE: ACCEPT TRANSMITTAL OF AUDIT OF FINANCIAL TRANSACTIONS FOR THE YEAR ENDING JUNE 30, 2007 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 previously been distributed to all Councilmembers. Acopy of the Comprehensive Annual Financial Report has also been made available at the Pleasanton Public Library for public inspection. In addition, the document is available for public viewing on the City's Internet website. For FY 2007, as in all other years, the City has received an unqualified, or clean, opinion on the financial statements from its auditors. 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 nine consecutive years. In anticipation of the reporting requirements mandated by the new accounting standard GASB #45, the City has included expanded reporting of its retiree medical benefit in the FY 2007 CAFR. Retiree medical benefit is discussed in the Financial Section, Note 12, on page 74. Although the implementation date for GASB #45 is not until June 30, 2009, the City has elected to address this standard ahead of time. AUDIT COMMITTEE RECOMMENDATION The Committee reviewed these reports and was given a presentation by the independent auditors and recommend that the reports be formally accepted by City Council. RECOMMENDATION Staff recommends that the City Council accept the 2006-2007 audit reports. FINANCIAL STATEMENT There is no direct fiscal impact in accepting the 2006-2007 audited reports.