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r VNEWS01.18 Page 2 GENERAL INFORMATION Alto, Baker Park Acquisition Com Ip eted The City has acquired title to the radio broadcast tower site in Alton Baker Park. Securing this 4.7 acre site has been an objective since establishment of the park. 1.5 acres of the site is immediately available for use by the public as open space. The remaining 3.2 acres is subject to a lease that terminates in 19 years, at which time the lessee is required to remove the towers and other above-grade equipment. ~'he acquisition was made possible by the owner of the radio station suggesting a trade that involved a .85 acre parcel df the Ridgeline Park near Blanton Road. Since the .85 acre is outside the Urban Growth Boundary and remains ~,oned for forest use, it cannot be built upon, and the open space aspect will remain. For more information, contact John Etter, Parks Planning, 687-5325 udited Financial Statements for Fiscal Year 1995 -Good News for the Cj~ In today's Council packet there is a copy of the City's Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 1995 and a copy of the General Purpose Financial Statements for the Urban Renewal Agency for the same period. On January 22, the Council will be asked to approve resolutions acknowledging that it has received both of these documents in compliance with ORS 297.465(2). State statutes require an annual audit of the City's financial statements. In addition, the practice of conducting annual audits demonstrates a commitment to sound and professional financial management. The purpose of an independent audit is to 1) provide reasonable assurance that the government has complied with legal requirements and regulations, 2) to form an opinion on the fairness and accuracy of financial statement presentations in accordance with generally accepted accounting principles (GAAP); and 3) to evaluate the internal control structure of the government's accounting system to determine if it is effective. Audited financial statements prepared in conformity with GAAP provide reasonable assurance that the government has accounted for revenues and spent money consistent with appropriations and all other applicable laws and regulations. The auditors, Coopers & Lybrand L.L.P., issued "clean opinions" for both the City's financial statements and those of the Urban Renewal Agency. A "clean opinion" is an unqualified opinion, indicating that the financial statements are Consistent with accounting standards (GAAP) in all material respects. A clean opinion is the financial goal of every government, because it represents the highest level of opinion a govemment can receive from its independent aauditors. ~'he auditors also reviewed the City's compliance with requirements of Federal grant programs. It is significant to note ghat the auditors found NO questioned costs or instances of noncompliance for FY95 relative to the Federal grants of ~rhiCh the City is a recipient (Single Audit compliance). It is very rare that a recipient of grants in the volume of City receipts (nearly $10.4 million in FY95), would have not one single instance of noncompliance noted in their Single Audit. The City's departmental grant managers and the grant accounting staff in Financial Management Services are ~o be commended for their high standards for grant management and their diligent efforts to keep the City in full compliance. 'The auditor's annual review of the City's internal control structure and accounting practices helps correct inefficiencies and errors and detect fraud. In their reports on the City's internal control structure, Coopers & Lybrand L.L.P. noted no material weaknesses involving the City's internal control structure and its operations. As a by-product of their audit, the auditors generally issue for consideration by City management a "management letter," or report which deals exclusively with operational, accounting and recordkeeping systems and procedures. The auditors did not issue a management letter this year, due an absence of comments or observations regarding potential areas for needed improvement. For additional information, please call Becky Koble, Financial Reporting Manager, at 687-5036.