Title
Recommendation to Accept the Fiscal Year 2016-17 Audited Financial Statements and Compliance Reports. (City Council/SACIC) (Finance 2410) [Not heard on February 6, 2018]
Body
To: Honorable Mayor and Members of the City Council
From: Jill Keimach, City Manager
Re: Recommendation to Accept the FY16-17 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 FY16-17.
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 is a comprehensive document reflecting the financial position of the City. The CAFR's Transmittal Letter, and Management's Discussion and Analysis provide an overview and analysis of the financial activities of the year ended June 30, 2017. 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
The City's external independent audit firm, Vavrinek, Trine, Day & Co. (VTD), completed its review of the annual Financial Statements for the Fiscal Year ended June 30, 2017, and has issued an unmodified (or "clean") audit opinion validating the fair presentation of the City's financial position as of June 30, 2017. The City's CAFR shows that the City continued to hold a sound fina...
Click here for full text