TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Finance Director
Julie Bondarchuk, Senior Accountant
Libby Bretthauer, Senior Financial Analyst
SUBJECT:Title
Fiscal Year 2019-2020 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.
Body
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 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 2019-2020 are summarized below, and are included in the attached Comprehensive Annual Financial Report (CAFR).
BACKGROUND:
The City's financial policies require an annual audit performed by an external auditor. An audit is also required to obtain the Certificate of Achievement for Excellence in Financial Reporting from the Government Financial Officers Association (GFOA) and is oftentimes a requirement for grants or federal awards. This year, the annual audit consists of the interim audit (completed in April 2020) and the final audit (completed in October 2020). During these audits, the external auditors prepare audit working papers in compliance with the General Accepted Government Auditing Standards (GAGAS). These working papers document the information gathered during an audit and provide evidence that sufficient information was obtained by the auditor to support the audit opinion.
The audit results and the Fiscal Year 2019-2020 CAFR financial statements were presented and discussed with the Finance Subcommi...
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