Title
Recommendation to Accept the Fiscal Year (FY) 2015-16 Audited Financial Statements and Compliance Reports. (City Council/SACIC) (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
From: Jill Keimach, City Manager
Re: Recommendation to Accept the Fiscal Year (FY) 2015-16 Audited Financial Statements and Compliance Reports
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 FY 2015-16.
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 1-5. All of the reports are currently available in the Finance section of the City's website. The combination of the implementation of new accounting standards discussed later and staffing changes have delayed the issuing of the FY 2015-16 CAFR. However, even with the delays, the City was still able to apply for the GFOA award in reporting (which will be awarded in late summer 2017) and meet financial disclosure requirements.
DISCUSSION
The City's external independent audit firm, Vavrinek, Trine, Day & Co. LLP (VTD), completed its review of the annual Financial Statements for the fiscal year ended June 30, 2016, and has issued an unmodified (or "clean") audit opinion validating the fair presentation of the City's financial position as of Ju...
Click here for full text