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