City Council Minutes 2006 06 06 - Laserfiche WebLink

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City Council Meeting Minutes June 6, 2006 Page 3 of 16 also required to write a one-page essay titled "My Civic Involvement or My employment with the City of Louisville". A total of 9 applications for the two $1,000 scholarships were received. Mayor Pro Tem Don Brown and Council member Dave Clabots reviewed the applications. Mayor Pro Tem Brown presented the recipients of the 2006 City of Louisville Monarch High School Scholarships to Karolyn Pearson, who will attend Colorado State University. Mitch Ertle, who will attend the University of Colorado at Boulder, was not in attendance. Mayor Sisk and the Council recognized the outstanding scholarship recipients of the class of 2006 at Monarch High School. PRESENTATION OF 2005 COMPREHENSIVE ANNUAL FINANCIAL REPORT Mayor Sisk requested a Staff presentation. Finance Director Patricia Leslie presented the 2005 Comprehensive Annual Financial Report. In 2005, the total net assets were $146.4 million; capital assets were $147.8 million; and the total debt was $27.8 million. She reviewed the government funds: General Fund; Northwest Parkway; Conservation Trust Fund, Enterprise Funds and unrestricted assets. Mayor Sisk reported the Finance Committee reviewed the 2005 Comprehensive Annual Financial Report at their most recent meeting. Wendy Swanhorst from the CPA firm of Swanhorst & Company, LLC presented the results of the City's annual audit with the 2005 Management Letter. The management letter established the City of Louisville entered into no unusual or significant transactions during the year and no difficulties were encountered during the audit. Swanhorst & Company, LLC provided staff with a schedule of audit adjustments. Of these adjustments none were determined to, either individually or in the aggregate, indicate matters that could have a significant effect on the City's financial reporting. In addition, Swanhorst & Company, LLC has provided in conjunction with the Management Letter items for consideration. Mayor Sisk noted there has been a significant decline in the City's sales tax this year and Council will take that in consideration of the 2007 budget. Mayor Pro Tem Brown requested historical information on the City's debt over the past few years. City Manager Simmons stated the City's debt includes the public library bond issue, and the water rights acquisition loans. PRESENTATION - GOVERNMENT FINANCE OFFICERS ASSOCIATION 2005 DISTINQUISHED BUDGET PRESENTATION AWARD Mayor Sisk requested a Staff presentation.