19E - COMP FINANCIAL REPORT FY 17/18

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Fiscal Year 2017-18 Comprehensive Annual Financial Report December 18, 2018 Page 2 The Accounting Division is pleased to report that the City received a clean opinion, which is considered the most favorable conclusion for the Audit. The clean opinion indicates that the City's financial statements present fairly, in all material respects, the financial position of the City, changes in financial position, and cash flows for the fiscal year ended June 30, 2018. The Executive Director of FMSA is also pleased to report that the Accounting Division staff worked diligently to issue the CAFR by December 7th, which is an excellent accomplishment for a large organization. The CAFR, which includes the audited financial statements, for the fiscal year -ended June 30, 2018 is posted and available on the City's website (https://www.santa- ana.org/finance/comprehensive-annual-financial-reports-cafr-and-other-financial-reports) along with prior fiscal years. Furthermore, the report was submitted to the Government Finance Officers Association's Certificates of Achievement for Excellence in Financial Reporting Program. The award is the highest form of recognition in governmental accounting and financial reporting. In addition, the City has received this prestigious award for forty consecutive years. Note: Bound copies of the CAFR were provided to City Council separately. An electronic copy is available on the City website mentioned above. In addition to the CAFR, WNDE issued the following communication letters: Government Auditing Standards (GAS) Letter Auditor's communication of reportable conditions based on their review of the City's internal controls over financial reporting and on compliance. The results of their review disclosed no instances of noncompliance for the fiscal year 2017-18. Audit Committee Letter Formal communication from the auditor to the City Council, which discloses information related to the audit, including but not limited to the City's accounting practices and implementation of new accounting rules and estimates. Audit of the City's Air Quality Management District (AQMD) Financial Statements Under Assembly Bill 2766 Chapter 1705 [California Health and Safety Code (CHSC) Sections 44220 through 44247] cities and counties receiving the AB 2766 funds are required to separately account for the revenue and to expend the revenue for air pollution reduction measures. The AQMD audit report reflects the City's compliance to such measures. • Staff is pleased to report that the City received a clean opinion on the AQMD audit report and no compliance findings were noted. SEPARATELY ISSUED REPORTS: In addition to the CAFR and the AQMD reports, WNDE performed the following Agreed Upon Procedures (AUP) examinations: Appropriation Limit Calculations, also known as GANN Limit 19E-2