Finance Committee Agenda and Packet 2010 11 15

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November 3, 2010 To the Members of City Council City of Louisville EideBailly CPAs & BUSINESS ADVISORS We are engaged to audit the financial statements of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of City of Louisville for the year ended December 31, 2010. Professional standards require that we provide you with the following information related to our audit. We would also appreciate the opportunity to meet with you to discuss this information further since a two -way dialogue can provide valuable information for the audit process. Our Responsibility under U.S. Generally Accepted Auditing Standards As stated in our engagement letter dated August 27, 2010, our responsibility, as described by professional standards, is to express an opinion about whether the financial statements prepared by management with your oversight are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles. Our audit of the financial statements does not relieve you or management of your responsibilities. In planning and performing our audit, we will consider the City of Louisville's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control over financial reporting. We will also consider internal control over compliance with requirements that could have a direct and material effect on a major federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Circular A -133. As part of obtaining reasonable assurance about whether the City of Louisville's financial statements are free of material misstatement, we will perform tests of its compliance with certain provisions of laws, regulations, contracts, and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions is not an objective of our audit. Also in accordance with OMB Circular A -133, we will examine, on a test basis, evidence about the City of Louisville's compliance with the types of compliance requirements described in the "U.S. Office of Management and Budget (OMB) Circular A -133 Compliance Supplement" applicable to each of its major federal programs for the purpose of expressing an opinion on the City of Louisville's compliance with those requirements. While our audit will provide a reasonable basis for our opinion, it will not provide a legal determination on the City of Louisville's compliance with those requirements. Other Information in Documents Containing Audited Financial Statements In the financial statements the required supplementary information, such as Management's Discussion and Analysis and the budgetary comparison information are supplementary information required by accounting principles generally accepted in the United States of America. We will apply certain limited procedures, which consist principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we will not audit the information and express no opinion on the required supplementary information . www. e d3111 y.com 440 Indiana St. Ste 200 Golden CO 8040' 502: ?F 87 .882.7929 T 303 986 2454 F 303 980 5029 EOE