2008 Annual Comprehensive Financial Report

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Officeof the City Manager June 22, 2009 Citizens, Honorable Mayor, Members of the City Council: We submit to you the Comprehensive Annual Financial Report of the City of Louisville for the fiscal year ended December 31, 2008. Responsibility for both the accuracy of the data, and the completeness and fairness of the presentation, including all disclosures, rests with the City. To the best of our knowledge and belief, the enclosed data reflects accurately in all material aspects and is reported in a manner that presents fairly the financial position and results of operations of the various funds and account groups of the City. We have also included all disclosures necessary to enable the reader to gain an understanding of the City's financial activities. The Comprehensive Annual Financial Report is presented in four sections: Introductory, Financial, Statistical, and Compliance. The Introductory Section, which is unaudited, includes this letter of transmittal, the City's organizational chart and a directory of elected and appointed officials. The Financial Section includes the independent auditors’ report on the financial statements and schedules, management’s discussion and analysis, basic financial statements, notes to the financial statements, required supplementary information, other schedules, and budgetary comparison schedules. The Statistical Section, which is unaudited, includes selected financial and demographic information, generally presented on a multi-year basis. The Compliance Section contains the Local Highway Finance Report, required by the state. The letter of transmittal is designed to complement the management’s discussion and analysis (MD&A) section and should be read in conjunction with it. Louisville’s MD&A immediately follows the report of the independent auditors. This report includes all funds of the City. The Louisville Hous ing Authority, the Louisville Arts and Humanities Commission, the Louisville Historical Commission, the Louisville Fire Protection District, and the Urban Drainage and Flood Control District do not meet the established criteria for inclusion in the reporting entity, and accordingly are excluded from this report. The Urban Revitalization District does meet the established criteria for inclusion and is, therefore, included within this report.