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