Item 4D: Resolution Acknowledging Receipt of CAFR

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The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Eugene for its Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2006. This was the 31st consecutive year that the City has achieved this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized CAFR, which satisfies both generally accepted accounting principles and applicable legal requirements. In addition, the requirements for the certificate provide much of the information needed for the City’s credit assessments. RELATED CITY POLICIES Policy B.1 of the City’s Financial Management Goals and Policies states that “The City will maintain an accounting and financial reporting system that allows reporting in conformance with Generally Accepted Accounting Principles and Oregon Local Budget Law and will issue a Comprehensive Annual Financial Report each fiscal year.” This action signifies formal completion of this process for the fiscal year which ended June 30, 2007, and demonstrates Council’s compliance with the policy. COUNCIL OPTIONS None. CITY MANAGER’S RECOMMENDATION The City Manager recommends adoption of the resolution. SUGGESTED MOTION Move to adopt Resolution 4924 acknowledging receipt of the Comprehensive Annual Financial Report (CAFR) for the City of Eugene for the fiscal year ended June 30, 2007. ATTACHMENTS A.Resolution B.Copy of the 2007 Comprehensive Annual Financial Report FOR MORE INFORMATION Staff Contact: Fionan Cronin Telephone: 682-5394 Staff E-Mail: finn.j.cronin@ci.eugene.or.us F:\CMO\2008 Council Agendas\M080114\S0801144D.doc