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<br /> <br /> <br />ECC <br />UGENE ITY OUNCIL <br />AIS <br />GENDA TEM UMMARY <br /> <br /> <br /> <br />Adoption of Resolution 4996 Acknowledging Receipt of the City of Eugene, <br />Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2009 <br /> <br />Meeting Date: January 11, 2010 Agenda Item Number: 3C <br />Department: Central Services Staff Contact: Fionan Cronin <br /> <br />www.eugene-or.gov Contact Telephone Number: 682-5394 <br /> <br /> <br />ISSUE STATEMENT <br />This is a resolution acknowledging receipt of the City of Eugene, Comprehensive Annual Financial <br />Report (CAFR) for the fiscal year ended June 30, 2009. This resolution demonstrates compliance with <br />ORS 297.465(2), which requires that a copy of the City’s CAFR, containing a signed expression of <br />opinion, be furnished to each member of the governing body. <br /> <br /> <br />BACKGROUND <br /> <br />Under Oregon Municipal Audit Law, the City is required each fiscal year to contract with an authorized <br />accounting firm for the audit of its accounts and fiscal affairs (ORS 297.425). The firm of Isler CPA <br />(auditors) has completed the audit of the City of Eugene's financial statements for the fiscal year ended <br />June 30, 2009, and issued an unqualified opinion on the basic financial statements. <br /> <br />The auditors conduct the audit of the City's basic financial statements in accordance with generally <br />accepted auditing standards and the Minimum Standards for Audits of Oregon Municipal Corporations. <br />In addition, as a recipient of federal grants, the City is subject to the Federal Single Audit Act of 1984, <br />which requires that the audit be conducted in accordance with Government Auditing Standards, issued <br />by the Comptroller General of the United States and Office of Management and Budget (OMB) Circular <br />A-133, Audits of States, Local Governments and Non-Profit Organizations. These standards and OMB <br />Circular A-133 require that the auditors plan and perform the audit to obtain reasonable assurance about <br />whether the basic financial statements are free of material misstatement and whether the City complied <br />with the laws and regulations pertaining to federally-funded programs. In addition to state and federal <br />requirements, the City has a contractual obligation in connection with its debt issuances which requires <br />that the City issue annual audited financial statements. <br /> <br />Management is responsible for the information contained in, and the preparation of, the City's financial <br />statements. To effectively fulfill this responsibility and to contain the cost of auditor services, City staff <br />devotes significant effort to the closing of accounting records, the preparation of schedules and audit <br />work papers, and the production of the CAFR. This also results in staff expertise being developed on <br />specific financial and service issues that can then be used to assist departments and other pertinent <br />parties. <br /> <br />Z:\CMO\2010 Council Agendas\M100111\S1001113C.doc1 <br /> <br />