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THE CITY OF ~~. ~ ~L£~S~4NTONa CITY COUNCIL AGENDA REPORT February 3, 2009 Finance Department TITLE: ACCEPT TRANSMITTAL OF AUDIT OF FINANCIAL TRANSACTIONS FOR THE YEAR ENDING JUNE 30, 2008 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 2008, 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 ten consecutive years. 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 2007-2008 audit reports. ~~ FINANCIAL STATEMENT There is no direct fiscal impact in accepting the 2007-2008 audited reports.