DATE: January 19, 2016
TO: Mayor and City Council
FROM: Director of Finance
SUBJECT
Title
Transmittal of the Comprehensive Annual Financial Report for the Year Ended June 30, 2015; and of the Memorandum on Internal Control and Required Communications
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RECOMMENDATION
Recommendation
That the Council adopts the attached Resolution (Attachment I) to receive and file the City's Comprehensive Annual Financial Report (CAFR) and the Memorandum on Internal Control and Required Communications for the fiscal year ended June 30, 2015.
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BACKGROUND
The City's independent external auditor, Maze and Associates, has completed its audit of the City's financial records for the fiscal year ended June 30, 2015. Maze was selected as the City's independent external audit firm in early 2011 after a thorough proposal review process. Fiscal year 2015 marks year five of a five-year contract. Maze and Associates has over twenty-eight years of municipal auditing experience with more than 200 government agencies. In addition to the audited financial statements, the auditors have completed and provided the required Memorandum on Internal Control and Required Communications (Attachment II). The City's Comprehensive Annual Financial Report (CAFR) (Attachment III) represents all funds of the City, including the General Fund, Water, Sewer, Airport, and all other enterprise and special revenue funds.
Auditing standards require auditors to formally communicate the results directly to the agency's governing body. The purpose being to establish direct and effective two-way communication with the Council and staff, to convey audit matters, the scope of work, difficulties, adjustments to financial statements, or any possible disagreements with management.
DISCUSSION
Comprehensive Annual Financial Report - Staff is pleased to report that, as in previous years, the auditor's opinion on the financial statements for f...
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