DATE: January 28, 2020
TO: Mayor and City Council
FROM: Director of Finance
SUBJECT
Title
Adopt a Resolution Accepting the Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2019; and the Memorandum on Internal Control and Required Communications
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RECOMMENDATION
Recommendation
That the Council adopts a Resolution (Attachment II) to receive and file the City’s Comprehensive Annual Financial Report (CAFR) (Attachment III) and the Memorandum on Internal Control and Required Communications (Attachment IV) for the fiscal year ended June 30, 2019.
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SUMMARY
Each year, the City conducts an independent financial audit, which is performed by an external contractor. Auditing standards require auditors to formally communicate the results directly to the agency’s governing body; to establish direct and effective two-way communication with Council and staff, convey audit matters, the scope of work, difficulties encountered, adjustments to financial statements, or any possible disagreements with management. As in previous years, the auditor’s opinion on the City’s financial statements for fiscal year 2019 is without exception and is unmodified. There were no significant findings with respect to either the City’s FY2018 financial statements or the FY2019 statements.
ATTACHMENTS
Attachment I Staff Report
Attachment II Resolution
Attachment III Comprehensive Annual Financial Report (CAFR)
Attachment IV Memorandum on Internal Control and Required
Communications