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~~ C~I~T Y~~~~ O,,F ~ ~~~R~hS <br />February 15, 2008 <br />Mayor Jessee Freelen <br />and Members of the City Council <br />City of Paris, Texas <br />Dear Mayor and Council Members: <br />I am pleased to submit the Comprehensive Annual Financial Report of the City of Paris, Texas, for the fiscal year ended <br />September 30, 2007. <br />The City of Paris is a financial reporting entity as defined by the Government Accounting Standards Board codification section <br />2100. As such, it leas a separately elected governing body chosen by its citizens iri a general, popular election, is a legally <br />separate primary government, and is fiscally independent of other state and local governments. The financial reporting entity <br />includes all the funds of the primary government and its component unit, the Paris Economic Development Corporation. More <br />information about PEDC can be found in footnote I.A. which deals with reporting entity topics. There are no other potential <br />component units. <br />The primary purpose of this report is to provide the City Council, citizens, financial community, and others with detailed <br />information concerning the financial condition and performance of the City of Paris. It is strongly recommended that any user <br />of this report read the Management's Discussion and Analysis included in the financial section of the report. In addition, this <br />report provides assurance that the City presents fairly its financial position as verified by independent auditors. <br />THE COMPREHENSIVE ANNUAL FINANCIAL REPORT <br />The Comprehensive Annual Financial Report of the City of Paris, Texas, for the fiscal year ended September 30, 2007, which <br />follows, was prepared by the Finance Department. The financial statements have been audited by McClanahan and Holmes, <br />LLP, CPAs, whose report is included herein. This audit satisfies Article III, Section 35 of the City Charter which requires that <br />an annual audit of all accounts of the City be made by an independent certified public accountant. <br />I-1 <br />P.O. BOX 9037 PARIS. TEXAS 75461-9037 (903) 785-7511 FAX (903) 785-8519 <br />