19D - ANNUAL FINANCIAL REPORT - Laserfiche WebLink

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REQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: JANUARY 16, 2018 TITLE: RECEIVE AND FILE COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2017 AND RELATED FINANCIAL REPORTS {STRATEGIC PLAN NO. 4, 1} J C Y MANAGER RECOMMENDED ACTION CLERK OF COUNCIL USE ONLY: APPROVED ❑ As Recommended ❑ As Amended ❑ Ordinance on 1" Reading ❑ ordinance on 2ntl Reading ❑ Implementing Resolution ❑ Set Public Hearing For CONTINUED TO FILE NUMBER Receive and file the following audited and separately issued reports for the Fiscal Year Ended June 30, 2017: 1. Comprehensive Annual Financial Report 2. Air Quality Management District (AQMD) Financial Statements 3. Appropriations Limit (GANN Limit) 4. Compliance with the Statement of Investment Policy DISCUSSION The Finance and Management Services Agency — Accounting Division (Accounting Division) is the lead on various audit and separately issued reports compiled and prepared by the City's Independent Auditor, White Nelson Diehl Evans LLP (WNDE). Outlined below is a list of the reports and related status. AUDITED REPORTS: Comprehensive Annual Financial Report The Comprehensive Annual Financial Report (CAFR), prepared by the Accounting Division reports audited financial information on all City funds for the Fiscal Year Ended June 30, 2017. The CAFR is prepared in accordance with the Generally Accepted Accounting Principles (GAAP) along with the reporting requirements of the Governmental Accounting Standards Board (GASB). The CAFR was audited by the City's independent public accounting firm WNDE, in accordance with Government Auditing Standards (GAS). WNDE was awarded a contract by the City Council on May 3, 2016 after successful completion of the City's Request for Proposal (RFP) process. 19D-1