TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, Acting City Manager
FROM:
Steve S. Charelian, Acting Finance Director
Henry Mitzner, Controller
Libby Bretthauer, Financial Analyst
Julie Bondarchuk, Senior Accountant
SUBJECT:Title
Fiscal Year 2016-2017 Comprehensive Annual Financial Report (Acting Finance Director Charelian).
RECEIVE AND FILE
Line
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council receive this report.
EXECUTIVE SUMMARY:
We are pleased to report that once again, the City has received the best possible opinion, an unmodified (formerly unqualified) audit opinion, meaning that the auditor believes that the City's financial statements are fairly presented in all material respects in conformity with Generally Accepted Accounting Principles (GAAP). Further, the auditor reported no material deficiencies (see Attachment #3).
This item is being delivered for City Council review on January 16, 2018 but will be presented at the February 6, 2018 City Council meeting. Richard Kikuchi, Managing Partner at Lance, Soll and Lunghard, will be present on February 6 to discuss the results.
FISCAL IMPLICATIONS:
There is no fiscal implication associated with the recommended action. The results of fiscal year 2016-2017 are summarized below, and are included in the attached Comprehensive Annual Financial Report (CAFR).
DISCUSSION:
Attached to this report is the City's CAFR for the year ended June 30, 2017. This independent audit report is prepared with the assistance of the City's auditor, Lance, Soll and Lunghard, the certified public accountancy firm selected by the Council. Staff would like to take this opportunity to acknowledge the auditor's professionalism and diligence in the completion of the audit.
The attached report contains detailed information about the City's financial results for FY 2016-2017. The document, which is in industry-standard fo...
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