For City Council Meeting [September 24, 2019]
TO: Honorable Mayor and City Council
APPROVAL: Rod Foster, City Administrator
FROM: Jessica Brown, Finance Director
Title
Request City Council, Rialto Housing Authority, Rialto Utility Authority and Successor Agency to Accept the Fiscal Year 2017-18 Audit Results and Receive and File the Fiscal Year 2017-18 Comprehensive Annual Financial Report and Related Documents.
(ACTION)
Body
BACKGROUND
In order to meet the guidelines set forth in Statement No. 1 of the Governmental Accounting Standards Board (GASB), following the close of each fiscal year the City's external auditors conduct an audit of the City's financial records and assist in the compilation of the Comprehensive Annual Financial Report (CAFR). The audit is conducted in conformity with the Generally Accepted Auditing Standards (GAAS) which require that the independent auditor firm plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement and examines evidence to support the amounts and disclosures in the financial statements. Once complete, an opinion is issued on the fairness of the presentation of the financial position and the results of operations of the financial statements of the City, in conformity with Generally Accepted Accounting Principles (GAAP) as applicable to local governments.
ANALYSIS/DISCUSSION
The annual audit for the fiscal year ended June 30, 2018 has been completed by Teaman, Ramirez & Smith, Inc. The audits for both the City and the former Redevelopment Agency ("Successor Agency") received a clean opinion and present fairly, in all material respects, the respective financial positions of the City and the Successor Agency. Attached are the following items:
* Comprehensive Annual Financial Report for fiscal year end June 30, 2018
* Single Audit Report on Federal Award Programs (Single Audit Report)
* Appropriations Limit Worksheet with Independent Accou...
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