TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, Interim 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
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council receive this report.
EXECUTIVE SUMMARY:
The attached Comprehensive Annual Financial Report (CAFR) presents the City's financial results for Fiscal Year (FY) 2016-2017. The FY 16-17 CAFR was first delivered to the City Council as part of the January 16, 2018 agenda packet. This evening, Richard Kikuchi, Managing Partner at Lance, Soll and Lunghard, the City's auditor, will be present to discuss the process and results.
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 (Attachment 3).
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 CAFR (Attachment 2).
DISCUSSION:
Attached to this report is the City's CAFR for the fiscal 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 City 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 abo...
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