HomeMy WebLinkAboutStudy Session #2 - Supplemental Communication - PowerPoint cFY 2016/17 Financial Results
Audit and Year End
Overview
May 7, 2018
Presented by the Finance Department
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FY 2016/ 17 Audit Results
Auditing firm of Davis Farr LLP
audited the City's financial
statements and internal controls
FY 2016/1 7 Comprehensive Annual
Financial Report (CAFR) received
an Unmodified (Clean) Audit
Opinion
The City's CAFR is award winning -
has received the Government
Finance Officers Association's
(GFOA) Excellence in Financial
Reporting Award for 31 years
Audit Results
Reports issued:
Comprehensive Annual Financial Report
Issued ''unmodified'' opinion on March 29, 2018
SAS 114 Letter: Auditor Communications
SAS 115 Letter: Internal Control
Recommendations
Appropriations Limit Agreed -Upon Procedures
AQMD Report
Reports in progress
Single Audit Report
3
Internal Controls
Evaluated controls over key accounting
cycles:
Billing and Cash Receipting
> Purchasing and Cash Disbursements
> Payroll
> Banking
> Grant Management
Recommendation related to a grant
accrual audit adjustment
Recommendation to continue to evaluate
strategies to improve the City's net position
Areas of Audit Focus in FY 16/17
Pension
Obligations
Confirmed
loans
receivable
with outside
parties
Testing of New
Utility Billing
System
Testing of
Capital Asset
activities
Upcoming Audit
Testing of
offsite cash
receipting at
Main St.
Parking Lot
Testing of
Federal
Highway
Planning Grant
October 1, 2017 to June 30, 2018 audit
Interim audit has been scheduled for July
2018
City will implement GASB 75: Other Post
Employment Benefits
Unfunded liability (or asset) will be recorded in
the financial statements (similar to pension)
6
FY 2016/17 Performance (Audited)
Government -Wide Highlights: All Funds
*Lone Term Oblip-ation
Reflects GASB 68 recording of Net Pension Liability of $426.7 million
General Fund FY 2016/17
Revenue/Expenditures
Total Revenues
$217.9
Total I'venditures
Transfers In
214.6
0
Transfers Out
Fund Balance Beginning of Year
(6.1)
6-2.8
Prior Period Adjustment
0.9
Fund Balanc'+e' eginning R a"
63.7
Fund Balance End of Year
$61.2
5/7/2018