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considers such communication necessary to fulfill its legal and professional
responsibilities.

6) Rotation of Auditor. The City will not require an auditor rotation but will
circulate requests for proposals for audit services at least every five years.
Should the City Council be dissatisfied with the auditor's performance, it may
request new proposals at any time. Year-to-year authorization to continue
shall be done by July 1st of each year.

C. FINANCIAL REPORTING.

1) External Reporting.

a. Scope. The Annual Comprehensive Financial Report shall be prepared in
accordance with generally accepted accounting principles (GAAP).

b. Timing. The Report shall be presented to the Council within 180 calendar
days of the City’s fiscal year end. If City staffing limitations preclude such
timely reporting, the Finance Director will inform the City Council of the
delay and the reasons thereof.

c. Awards. The Report shall be presented annually to the Government
Finance Officer's Association (GFOA) for evaluation and consideration for
the Certificate of Achievement for Excellence in Financial Reporting.

2) Internal Reporting.

The Finance Department will prepare internal financial reports, sufficient to
plan, monitor, and control the City's financial affairs. Internal financial
reporting objectives are addressed throughout these policies.

IV. OPERATING BUDGET.

A. PREPARATION. Budgeting is an essential element of the financial planning,
control, and evaluation process of municipal government. The City's "operating
budget" is the City's annual financial operating plan. The scope of the budget
includes all funds for which the City will adopt a formal budget, including
Government Funds and Proprietary Funds.

1) Budgetary Process. The budget is prepared by the City Manager or his/her
designee with the cooperation of all City Departments. The proposed budget
should be presented to the City Council between 60 and 90 days prior to the
fiscal year end and should be enacted by the City Council prior to fiscal year
end in accordance with the Charter.

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