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File #: 19-0025    Version: 1
Type: Consent - Staff Report Status: Agenda Ready
In control: City Council Regular Meeting
On agenda: 1/15/2019 Final action:
Title: Fiscal Year 2017-2018 Comprehensive Annual Financial Report (Finance Director Charelian). RECEIVE AND FILE
Attachments: 1. FY 2017-2018 Letter of Transmittal, 2. FY 2017-2018 Comprehensive Annual Financial Report (CAFR), 3. Report on Internal Control (Management Letter), 4. Audit Committee Letter, 5. Projection of Pension Liability and Employer Contribution, 6. PowerPoint Presentation
TO:
Honorable Mayor and Members of the City Council

THROUGH:
Bruce Moe, City Manager

FROM:
Steve S. Charelian, Finance Director
Henry Mitzner, Controller
Julie Bondarchuk, Senior Accountant
Libby Bretthauer, Financial Analyst

SUBJECT:Title
Fiscal Year 2017-2018 Comprehensive Annual Financial Report (Finance Director Charelian).
RECEIVE AND FILE
Line
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council receive and file this report.

EXECUTIVE SUMMARY:
We are pleased to report that 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).

FISCAL IMPLICATIONS:
There are no fiscal implications associated with the recommended action. The results of fiscal year 2017-2018 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, 2018. 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 2017-2018. The document, which is in industry-standard format, is organized as follows:

Introductory Section
The Introductory Section includes the City's transmittal letter providing an executive summary of the financial and economic events characterizing FY 2017-2018. A review of the transmittal letter will help the reader understand the City's organizational structure and provides performance highlights of ...

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