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SUBJECT: Update on FY 2006 Comprehensive Annual Financial
Report (CAFR)
As you know, staff is working diligently to complete the fiscal year 2006 CAFR. Numerous challenges
exist which continue to burden the process. These challenges include not only new reporting
requirements; the decentralization of accounting records throughout city departments; the continual
turnover of key personnel in Finance; the outdated, antiquated systems upon which the city relies for its
record keeping; and the domino effect of delays in the 2004 and 2005 CAFRs, but also the numerous
other demands on the Finance Department.
The Finance Department has been pushing hard to achieve a June completion date for the 2006 CAFR,
but there is still a tremendous workload that remains. In order to maximize the resources we have
available to address this workload, I am temporarily reassigning some of the duties of Karen
Montgomery, the City's Chief Financial Officer. This will allow her more time to support the work of
the Finance team, without being distracted by her many other duties as Assistant City Manager. The
length of the temporary assignment will depend on when the 2006 CAFR is complete; the work plan
for the 2007 CAFR; and the FY 2009 budget process which is currently underway. But it is anticipated
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giga this will last no more than a few months. Additionally, some of the assignments in her portfolio are
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W being moved on a permanent basis as identified below.
CFO Duties Continuing ACM Duties Temporarily ACM Duties Permanently
Reassigned to Carl Smart Reassigned
Finance and Budget HR Department Municipal Court Department &
ERP Project IT Department Adhoc Court Advisory Comm
GASB #45 OAU - to Charles Daniels
Audit & Finance Committee Sunset Review/Performance Records Management
Retirement Board Studies to City Secretary
If you have any questions about this temporary reassignment, please contact Karen Montgomery at
its Manager
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS