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6. NEW BUSINESS 6.1 Presentation of Comprehensive Annual Financial Report for Year Ended June 30, 2005 Administrative Services Director Sarah Ragsdale introduced this item to Council. She summarized her staff report and the Comprehensive Annual Financial Report (CAFR) for Council. Ragsdale reported that the independent auditor had expressed an unqualified opinion on the report, which indicated that the statements had been prepared in conformity with generally accepted accounting principles. Ragsdale explained that this was the second year of the Town's implementation of GABS 34. Features of the new financial reporting model for state and local governments included a management discussion and analysis of the Town's financial condition and both government-wide and fund financial statements. The government-wide financial statements were designed to provide readers with a broad overview of the Town's finances, in a manner similar to private-sector business. The fund financial statements for the government funds— General Fund, Special Revenue Funds, and Capital Improvement Funds focused on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. The fund financial statements for the proprietary funds — Sewer Fund, Solid Waste Fund, and Internal Service Fund —provided the same type of information as the government-wide financial statements, only in more detail. • A.J. Major, of the auditing firm of Vavrinek, Trine, Day & Co., LLP. had presented the CAFR to the Standing Finance and Investment Committee on January 18, 2006 and responded to their questions. He also reviewed the management letter that discussed internal controls with the Committee. A copy of the management letter was attached to the staff report before Council. Ragsdale reviewed the letter and offered that the Finance Department had responded to his observations. T p p he CAFR had also been agendized for the February meeting of the Finance and Investment Committee. Council thanked Ragsdale for her report. PASSED BY CONSENSUS OF COUNCIL: To receive and file the Comprehensive Annual Financial Report(CAFR) for the Year ended June 30, 2005. 6.2 AB 1234 Compliance Program 6.2.1 Elected Officials Training Requirements City Manager Maureen Cassingham introduced this item to Council. She reviewed the requirements of the new local Sunshine Bill AB 1234, effective as of January 1, 2006. The Bill mandated new reimbursement restrictions for Councilmembers for expenses incurred in the performance of their elected duties and mandated annual training in public ethics and conflict of interest laws for elected officials and for appointed officials designated by the local legislative body. The City Clerk would maintain the necessary 9 City Council Meeting Minutes January 26,2006