FINANCE DEPARTMENT

M E M O R A N D U M

To: Honorable Mayor and City Commission

From: Richard D. Sala, City Manager

By: Debra Sears, Finance Director

Date: March 27, 2008

Subject: FY 2007 Comprehensive Annual Financial Report (CAFR)

The Finance Department is pleased to inform you that the Comprehensive Annual Financial Report (CAFR) for the fiscal year ended September 30, 2007 has been completed. We are very proud of this document and are submitting it to the Government Finance Officers Association of the United States and Canada (GFOA) in order to achieve the Certificate of Achievement for Excellence in Financial Reporting. This City has received this award for the past twenty-five (25) consecutive years. In order to be awarded this Certificate of Achievement, the City must publish an easily readable and efficiently organized CAFR and it must satisfy both, accounting principles generally accepted in the United States of America and all applicable legal requirements.

The Letter of Transmittal contained in the beginning of the CAFR provides a brief history and a review of City’s major initiatives while the Management’s Discussion and Analysis section of the report provides a synopsis of the City’s annual financial operations.

The timely preparation of the CAFR could not have been accomplished without the efficient and dedicated service of the Finance Department staff members. We express our sincere appreciation to all members of the Department who assisted and contributed towards its preparation.

Due credit should also be given to the City Commission and City Administration for their interest and support in planning and conducting the financial operations of the City in a responsible and progressive manner.

In addition, our auditors – Grau & Associates are here this evening to provide you with a brief overview of the City’s financial condition as well as to answer any questions regarding the City’s annual audit that you may have.