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THE CITY OF 14� ® - rie N CITY COUNCIL AGENDA REPORT pLEASANTOo January 20, 2015 Finance TITLE: ACCEPT THE COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) AND OTHER RELATED AUDITS FOR THE YEAR ENDING JUNE 30, 2014 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 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 2013114FY, as in all other years, the City has received an unmodified 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 sixteen consecutive years. AUDIT COMMITTEE RECOMMENDATION The Audit Committee reviewed these reports on January 7, 2015 and recommends that the reports be formally accepted by City Council. RECOMMENDATION Staff recommends that the City Council accept the 2013/14FY audit reports. FINANCIAL STATEMENT There is no direct fiscal impact in accepting the 2013/14FY audited reports.