For City Council Meeting [May 11, 2021]
TO: Honorable Mayor and City Council
APPROVAL: Sean Grayson, Acting City Manager
FROM: Bob Chandler, Interim Finance Director
Title
Request City Council, Rialto Housing Authority, Rialto Utility Authority and Successor Agency to Accept and Receive and File the Fiscal Year 2019-20 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 (Annual Report). The audit is conducted in conformity with Generally Accepted Auditing Standards (GAAS) which require the independent auditor firm plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement and examine 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, 2020 has been completed by Teaman, Ramirez & Smith, Inc. The unmodified, or "clean" opinion given in the Independent Auditor's Report states that "the financial statements present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Rialto, California, as of June 30, 2020, and the respective changes in financial position, and, where applicable, the cash flows thereof for the year ended in accordance...
Click here for full text