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MEMORANDUM <br /> TO: MAYOR AND CITY COUNCIL <br /> FROM: SANDY PEINE <br /> DATE: APRIL 5, 2005 <br /> SUBJECT: 2004 AUDIT <br /> Attached is a draft of our 2004 audited financial statements. The final version will be <br /> available from the auditors shortly after the April 5 meeting. The final version of the <br /> report is not available at this time due to this being the first year the City is implementing <br /> GASB #34, and the fact that one of the agenda items for the April 5, 2005 meeting is to <br /> adopt a number of accounting and reporting policies relating to GASB #34. Also, <br /> included as part of the draft financial statements is a letter titled "Management's <br /> Discussion and Analysis". This provides us an opportunity to expand/explain additional <br /> items occurring within the City. Any additional comments should be forwarded to me for <br /> consideration and possible inclusion into the MD&A. <br />