Finance Committee Meeting 2007

• Board Meeting Date: 9/18/2007
• Description: Finance Sub-Committee Meeting September 18, 2007
• Board Meetings - Doc Type: Meeting

Post Office Box 471 •boulder,Colorado 80306
44. .
Boulder Administrative Services Department
Gounty Financial Services Division
2020 131'Sheet•Boulder,Colorado 80302•(303}441-3505•Fax:[phone]
July 12,2007
To the Board of County Commissioners and Citizens of Boulder County:
State law requires that all general-purpose local governments publish, within six months of the
close of each fiscal year, a complete set of financial statements presented in conformity with
accounting principles generally accepted in the United States of America (US GAAP), and
audited in accordance with generally accepted auditing standards by a firm of licensed certified
public accountants. Pursuant to this requirement, we hereby issue the comprehensive annual
financial report of Boulder County for the fiscal year ended December 31,2006.
This report consists of management's representations concerning the finances of Boulder
County. Consequently, management assumes full responsibility for the completeness and
reliability of the information presented in this report. To provide a reasonable basis for making
these representations,management of Boulder County has established a comprehensive internal
control framework that is designed both to protect the government's assets from loss, theft, or
misuse, and to compile sufficient reliable information for the preparation of Boulder County's
financial statements in conformity with US GAAP. Because the cost of internal controls should
not outweigh their benefits, Boulder County's comprehensive framework of internal controls has
been designed to provide reasonable — rather than absolute — assurance that the financial
statements will be free from material misstatement. As management,we assert that, to the best
of our knowledge and belief,this financial report is complete and reliable in all material respects.
Boulder County's financial statements have been audited by Clifton Gunderson LLP, a firm of
licensed certified public accountants. The goal of the independent audit was to provide
reasonable assurance that the financial statements of Boulder County, for the fiscal year ended
December 31, 2006, are free of material misstatement. The independent audit involved
examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements; assessing the accounting principles used and significant estimates made by
management;and evaluating the overall financial statement presentation. Based upon the audit,
the independent auditor concluded that there was a reasonable basis for rendering an unqualified
opinion that Boulder County's financial statements for the fiscal year ended December 31,2006,
are fairly presented in conformity with US GAAP. The independent auditor's report is presented
as the first component of the financial section of this report.
The independent audit of the financial statements of Boulder County was part of a broader,
federally mandated "Single Audit" designed to meet the special needs of federal grantor
agencies.The standards governing Single Audit engagements require the independent auditor to
report not only on the fair presentation of the financial statements, but also on the audited
government's internal controls and compliance with legal requirements,with special emphasis on
internal controls and legal requirements involving the administration of federal awards. These
reports are available in Boulder County's and the Boulder County Housing Authority's separately
issued Single Audit Reports.
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Tom Mayer Ben Pearlman WE Toor
County Commissioner County Commissioner County Commissioner