Finance Committee Agenda and Packet 2015 06 29

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system as one technique of accomplishing budgetary control. Encumbered amounts do not lapse at year -end and are generally re- appropriated the following year. As demonstrated by the statements and schedules included in the financial section of the report, the City continues to meet its responsibility for sound financial management. OTHER INFORMATION Independent Audit. State statutes require an annual audit by independent certified public accountants. The accounting firm of Eide Bailly LLP was retained by City Council for this purpose. Eide Bailly has issued an unmodified opinion on the City's financial statements for the year ended December 31, 2014. The auditors' report on the Basic Financial Statements is included in the financial section of this report. Awards. 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 Louisville for its Comprehensive Annual Financial Report for the fiscal year ended December 31, 2013. This was the twenty - fourth consecutive year the City of Louisville has received this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized Comprehensive Annual Financial Report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current Comprehensive Annual Financial Report continues to meet the Certificate of Achievement Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. In addition, the City of Louisville also received the GFOA's Award for Distinguished Budget Presentation for the 2014 fiscal year. This was the twenty -fifth consecutive year the City of Louisville has received this award. In order to qualify for the Distinguished Budget Presentation Award, the City's budget document was judged to be proficient as a policy document, financial plan, operations guide, and communications device. Acknowledgments. The preparation of this report would not have been possible without the efficient and dedicated efforts of the entire City staff. We especially thank all members of the City's Finance Department for their exceptional efforts and the staff of Eide Bailly LLP for the professional manner in which they have accomplished our audit and their assistance in the publication of the City's Comprehensive Annual Financial Report. We thank the Mayor and City Council for their effective fiscal and policy direction and their support in planning and conducting the financial operations of the City in a responsible and progressive manner. Respectfully Submitted, NA leolot 2e'e0:449 Malcolm Fleming City Manager 4 Kevin C. Watson Director of Finance 13