19C - ANNUAL FINANCIAL RPT - Laserfiche WebLink

Home Browse Search

Comprehensive Annual Financial Report for the Fiscal Year - Ending June 30, 2016 January 17, 2017 Page 2 • Accounting Division is pleased to report that that the City received an unmodified opinion; commonly known as a clean opinion, which is considered the most favorable conclusion for the Audit. The unmodified 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, 2016. Audit of the City's South Coast Air Quality Management District (SCAQMD) financial statements Exhibit 2 Under Assembly Bill 2766 Chapter 1705 [California Health and Safety Code (CHSC) Sections 44220 through 442471, 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 SCAQMD audit report reflects the City's compliance to such measures. • Accounting Division is pleased to report that the City received an unmodified opinion on the SCAQMD audit report and no compliance findings were noted. SEPARATELY ISSUED REPORTS: In addition to the CAM and the SCAQMD reports, WNDE performed the following Agreed Upon Procedures (AUP) examinations: Appropriations Limit calculations, also known as GANN Limit (Exhibit 3) The GANN limit established the appropriations limit on expenditures for publicly funded programs in accordance with Section 1 of Article XIII of the California Constitution. Accounting Division is pleased to report that no findings were noted as a result of this AUP review. City's compliance with the Statement of Investment Policy (Exhibit 4) The report on the City's Investment Policy is elected to be performed by the City to ensure compliance. • Accounting Division is pleased to report that no findings were noted as a result of this AUP review. The CAM is posted and available on the City's website. In addition, FMSA submitted the report to the Government Finance Officers Association's Certificates of Achievement for Excellence in Financial Reporting Program. This award is the highest form of recognition in governmental accounting and financial reporting. The City has received this prestigious award for thirty eight consecutive years. 19C -2