MEMORANDUM

TO:    Mayor Tom Potter

   Commissioner Sam Adams

   Commissioner Randy Leonard

   Commissioner Dan Saltzman

   Commissioner Erik Sten

   City Auditor Gary Blackmer  

FROM:  Marty Scott, City Controller

DATE:  January 19, 2005

SUBJECT:  Council Resolution Accepting the Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2004

Cc:  Ken Rust, Chief Financial Officer

 Office of Management and Finance

Tim Grewe, Chief Administrative Officer

 Office of Management and Finance

Attached is the Comprehensive Annual Financial Report (CAFR) for the Fiscal Year Ended June 30, 2004. This report is published annually to provide the City Council, City staff, our citizens and other interested parties with detailed information concerning the financial position and activities of the City.

This CAFR has been audited by the City’s external auditors, Moss Adams, LLP, resulting in a clean audit opinion and has been submitted to the State Audits Division as required by Oregon State Statutes. The Governmental Finance Officers Association (GFOA) has awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its CAFR for the last twenty-two consecutive years. We believe that the 2004 CAFR continues to conform to Certificate of Achievement program requirements and have submitted it to GFOA for consideration.

Questions regarding this resolution should be addressed to Marty Scott at 823-4384.