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39 <br />40 <br />41 <br />�-2 <br />43 <br />�4 <br />45 <br />46 <br />4'� <br />4$ <br />49 <br />SO <br />51 <br />S2 <br />53 <br />S� <br />55 <br />�s <br />57 <br />58 <br />Thc purpose of the City's Anr�ual Financial Report is to r.eport ihe City's �nancial condrtion in a <br />snaps�ot in �ime -� D�cember 31Sr af each fiscal year, The Report does not provide a forecast of <br />the Cit�'s �'i.�ture financial condition. Nor does it por�:rap ih� Cit�'s economic develop�nent <br />polic�es or legal s�-ategies. <br />Given the manner in �rhich the Le�t�r of Credi�: proceeds are p'resc;�xted and in reeognztia� thai <br />readers of the Gity's A�zual Financ�al Report are eit�e� vezy cxase to tl�e Czt� a£ Roseville's <br />affairs, a.nd/or are sophisticated readers of fi�az�cial areports; addin.g ��.ditional �ota�ian �egaxc�iilg <br />the Le�ter of Credit woulc� �ia�e no value in repor�ing the Ci�'s financial conditinn. <br />�'urt�ez�a�e, the Twzn Lalces �'rojeei has been �he single domii�ar�t issue facing the Ci�y oi <br />Roseville over the past severaJ yea�rs. Reside�ts and i�ier�sted parties i�at �ave c�osen to be <br />z�vc�l�red in �he Ciiy's affairs are w�ll i�fon�.ed on Twin Lakes issues. Adding a footnote on il�e <br />Ciiy's A�nua1 �'i�anczal Repart wiil not provide an� additianal ir�forr�ation that isn't already <br />kna�. <br />Staff Recornme�datio� <br />�ar t�e z'easax�s p�ravided above, Staff recoanrnends tha�: the financial statemen� presentation of <br />f�e Twin Lakes Leiter of Credit proceeds rernain as is ct.u-z�ently aiated. <br />2 <br />