DATE: January 26, 2021
TO: Mayor and City Council
FROM: Director of Finance
SUBJECT
Adopt a Resolution Accepting Transmittal of Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2020; and of the Memorandum on Internal Control and Required Communications
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, 2020.
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 2020 is without exception and is unmodified. There were no significant findings with respect to either the City’s FY 2019 financial statements or FY 2020 financial statements.
ATTACHMENTS
Attachment I Staff Report
Attachment II Resolution
Attachment III Comprehensive Annual Financial Report
Attachment IV Memorandum on Internal Control and Required Communications