Title
Recommendation to Accept the Fiscal Year 2013-14 Audited Financial Statements and Compliance Reports. (City Council/SACIC) (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
From: John A. Russo, City Manager
Re: Accept the FY13-14 Audited Financial Statements and Compliance Reports (City and City as Successor to the Community Improvement Commission)
BACKGROUND
The Alameda City Charter Article IV, Section 4-2, various financing covenants, and rules associated with restricted funding sources, require the City of Alameda to publish financial statements presented in conformance with Generally Accepted Accounting Principles (GAAP) and to be audited by a firm of licensed certified public accountants. The financial reports noted in the exhibit section of this report below include financial statements and supplemental data that summarize the results and operations of all funds and give the financial position of the City and Successor Agency for FY13-14.
The Comprehensive Annual Financial Report (CAFR) is prepared in accordance with nationally recognized reporting standards established by the Governmental Finance Officers Association (GFOA). The CAFR and the other reports and financial statements are attached as Exhibits 1-7. All of the reports are currently available in the Finance section of the City's website.
DISCUSSION
In the opinion of the independent auditors, Maze and Associates, the financial statements present fairly the financial position of all City funds as of June 30, 2014. The City's CAFR shows that the City continued to hold a sound financial position for FY13-14. The CAFR contains the basic financials of the City, including Alameda Municipal Power (AMP) as a component unit and the Successor Agency to the former Community Improvement Commission (CIC) as a Private Purpose Trust Fund, and also contains the following sections:
Introductory Section: This section contains the City's transmittal lett...
Click here for full text