HomeMy WebLinkAboutAgenda Report - February 2, 2000 H-01AGENDA TITLE: REPORT TO THE COUNCIL — FINANCIAL AUDIT FOR FISCAL YEAR 98-99
MEETING DATE: February 2, 2000
PREPARED BY: Finance Director
RECOMMENDED ACTION: That the City Council receive for file the following reports and financial
statements submitted by KPMG LLP and the Finance Department for Fiscal Year 1998-99:
• 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 to 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 LLP has issued an "unqualified opinion". Denise Price, Partner and Bill
Foster, 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 sixth year in a row.
Copies of these certificates are included in the 1998-99 Financial Report.
Acknowledgments
The Accounting staff of the Finance Department must 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
Nk `,
Vicky M At ie
Finance Director
APPROVED:
H. Dixon Flynn -- City Mana er