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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />18, 2018 <br />TITLE: <br />RECEIVE AND FILE - FISCAL YEAR 2017-18 <br />COMPREHENSIVE ANNUAL FINANCIAL <br />REPORT, RELATED AUDIT REPORTS, FUND <br />BALANCE REPORT AND GENERAL FUNDS <br />CARRYFORWARD <br />(STRATEGIC PLAN NO. 4, 1) <br />reojIi <br />TY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />1:177:t00cs <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 18' Reading <br />❑ Ordinance on 2n° Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Receive and file the following items: <br />1. The Auditor's unmodified "clean" opinion letter for the fiscal year 2017-18 Audited <br />Financial Statements included in the Comprehensive Annual Financial Report (CAFR) <br />2. Government Auditing Standards (GAS) Letter <br />3. Audit Committee Letter <br />4. Air Quality Management District (AQMD) Audited Financial Statements <br />5. The Auditor's report on the Appropriations Limit (GANN Limit) <br />6. The Auditor's report on compliance with the Statement of Investment Policy <br />7. List of all fund balances prepared by staff <br />8. List of unspent General Fund budget items carried forward from fiscal year 2017-18 to <br />fiscal year 2018-19 <br />DISCUSSION <br />The Finance and Management Services Agency (FMSA) — Accounting Division (Accounting <br />Division) is the lead on various financial audits and separately issued reports compiled and <br />prepared by the City's Independent Auditor, White Nelson Diehl Evans LLP (WNDE). Outlined <br />below is a list of the reports and related status. <br />AUDITED REPORTS: <br />Audited Financial Statements - Comprehensive Annual Financial Report for the Fiscal Year Ended <br />June 30, 2018 <br />Annually, the Accounting Division prepares a CAFR which includes the city's audited financial <br />statements and statistical information for each fiscal year. The CAFR is prepared in accordance <br />with Generally Accepted Accounting Principles (GAAP) along with the reporting requirements set <br />forth by the Governmental Accounting Standards Board (GASB). The City's independent public <br />accounting firm, WNDE, audits the financial statements, reviews other financial items at the <br />City's request, and issues reports. <br />19E-1 <br />