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10 <br /> Major reviewed his management letter dated December 28, 2004. He explained that the <br /> letter was only for the purpose of recommendations and did not include their observations <br /> on the many strong features in the system of internal controls employed by the Town of <br /> Los Altos Hills. <br /> 2.2 PRESENTATION ON GASB-34 <br /> Major described the new reporting model that had been required by the Government <br /> Accounting Standards Board and had been implemented in conjunction with the previous <br /> reporting model in this year's report. Statement 34 was similar to statements that were <br /> used in the private business sector financial reporting with features that included a full <br /> accrual reporting method that identified all Town assets including infrastructure and an <br /> expanded fund financial statement report that with a reconciliation that tied the traditional <br /> fund financial statements to the Town wide statements. <br /> Major concluded his presentation by thanking everyone for the opportunity to review his <br /> findings and his opinion that the Town was in good healthy financial condition with net <br /> asset reserves at the highest level of the twelve cities that he had reviewed. <br /> 3. PRESENTATIONS FROM THE FLOOR <br /> • None <br /> 4. ADJOURNMENT <br /> PASSED BY CONSENSUS: To adjourn the City Council Special Meeting at 5:55 p.m. <br /> Respectfully submitted, <br /> Karen J st, <br /> City Clerk <br /> The minutes of the March 17, 2005 Special City Council meeting were approved as <br /> presented at the April 7, 2005 Regular City Council meeting. <br /> 0 <br /> 2 <br /> City Council Special Meeting Minutes <br /> March 17,2005 <br />