HomeMy WebLinkAboutAgenda Report - January 17, 1996 (45)COUNCIL COMMUNICATION
AGENDA TITLE: COMPREHENSIVE ANNUAL FINANCIAL REPORT & SINGLE AUDIT
(FISCAL YEAR 1994-95)
MEETING DATE: January 17, 1996
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 1994-95.
• The Combined Annual Financial & Single Audit Report
• The Management Letter
• The SAS 51 Report (Report to City Council)
• Agreed Upon Procedures - Appropriations Limitations
• Agreed Upon Procedures - Investments
BACKGROUND: The annual audit was conducted to ensure 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 protect the City against
loss from unauthorized use or disposition 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".
These reports will be provided to Federal and State oversight agencies, bond trustees and insurance
companies for their review and evaluation. Copies of the reports were provided to the City Council under
separate cover, and may be obtained by the public by contacting the Finance Department. An
information copy of the Combined Annual Financial & Single Audit report will be available during the
Council meeting.
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
second year in a row. Copies of these certificates are included in the 1994-95 Financial Report.
Acknowledgments
Ruby Paiste and Cory Wadlow of the Finance Department Accounting section are 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 Lodi as been recognized by the auditors and other finance
professional organizations.
FUNDING: Not applicable. v m�
Vicky McAthie
Finance Director
APPROVED: Zz
H. Dixon Flynn —/City Manager
KPIi+)6 Peat Marwick LLP
City of Lodi
Presentation to the City Council
January 17,1996
• KPMG Peat Marwick
- Pam Scott, Partner
- Diane Manning, Senior Manager
• Financial Statement Audits
- Financial Statement Audit vs. Performance Audit
- Users of Financial Statements
- Degree of Audit Assurance
- Management's Responsibilities
• Required Communications to the Council
- KPMG's Responsibility 11"nder
GAAP
- Significant Accounting Policies
- Management Judgments and
Accounting Estimates
- Significant Audit Adjustments
- Other Information in Documents
- Disagreements with Management
- Consultation with Other Accountants
- Major Issues Discussed
- Difficulties Encountered
Highlights of the 1995 Comprehensive Annual Financial Report
- Independent Auditors' Report
- Financial Statements and Footnotes
GASB 22
Accounting for Refuse Services
In -lieu Taxes
Operations Reclassified Between Funds
PERS Disclosure
Contingent Obligations
- Statistical Data
- Single Audit
• Management Letter
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