HomeMy WebLinkAboutAgenda Report - February 3, 1999 H-01AGENDA TITLE: REPORT TO THE COUNCIL — FINANCIAL AUDIT FOR FISCAL YEAR 97-98
MEETING DATE: February 3, 1999
PREPARED BY: Finance Director
RECOMMENDED ACTION: That the City Council receive for file the following reports and financial
statements submitted by KPMG Peat Marwick LLP and the Finance
Department for Fiscal Year 1997-98
• The Combined Annual Financial & Single Audit Report
• The Management Letter
• The SAS 61 Report (Report to City Council)
BACKGROUND INFORMATION: The annual audit was conducted to reassure the City Council and
other interested parties that the City's financial records and reports are prepared in accordance with
generally accepted accounting principles (GAAP), that internal controls are adequate and safeguard the
City against loss from unauthorized use or disposition of assets and that the City has complied with all
agreements and covenants to obtain grant funds and debt financing. KPMG Peat Marwick has issued an
"unqualified opinion". Denise Price, Partner and Diane Manning, Senior Manager of KPMG will be
present to do the presentation and answer questions during the Council meeting.
The reports will be provided to Federal and State oversight agencies, bond trustees and insurance
companies for their review and evaluation. Copies of the reports are provided to the City Council and also
available to the public by contacting the Finance Department Accounting Manager or at the Lodi Public
Library for reference.
Certificate of Achievement
The City received a Certificate of Achievement for Excellence in Reporting from the Government Finance
Officers Association (GFOA) and the California Society of Municipal Finance Officers (CSMFO) for the fifth
year in a row. Copies of these certificates are included in the 1997-98 Financial Report.
Acknowledgments
The Accounting staff of the Finance Department ought to be commended for their hard work and
professionalism in preparing the City's Annual Financial Reports. It is due to their dedication to excellence
and to the City that made Lodi recognized by the auditors and other professional financial organizations.
FUNDING: None
Vic cy McAthie
Finance Director
APPROVED:
H. Unipr Flynn — c' Manager