FY15-16 COMPREHENSIVE ANNUAL FINANCIAL REPORT AND ANNUAL AUDIT UPDATE
Staff Contact and Presenter: Vicki Rios, Director, Budget and Finance
Staff Presenter: Lisette Camacho, Assistant Director, Budget and Finance
Guest Presenter: Dennis J. Osuch, CPA, Principal, CliftonLarsonAllen, LLP
Purpose and Policy Guidance
The purpose of this item is to present Council with an overview of the results of the annual external audit for the Fiscal Year ended June 30, 2016.
Background
The City of Glendale Charter, Article VI, Section 16, requires that the city obtain an independent annual audit of its financial statements as follows:
"Sec. 16. Independent annual audit.
Prior to the end of each fiscal year the council shall designate qualified public accountants who, as of the end of the fiscal year, shall make an independent audit of accounts and other evidences of financial transactions of the city government and shall submit their report to the council and to the city manager. This section shall not preclude the city council from executing a contract with an accounting firm for more than one year subject to annual appropriation and a maximum three-year agreement.
Such accountants shall have no personal interest, direct or indirect, in the fiscal affairs of the city government or of any of its officers. They shall not maintain any accounts or records of the city business, but, within specifications approved by the council, shall post-audit the books and documents kept by the city and any separate or subordinate accounts kept by any other office, department or agency of the city government."
Consistent with government finance best practices, the results of the annual external financial statement audit should be presented to the City Council upon completion of the Comprehensive Annual Financial Report (CAFR). Additionally, the City has historically submitted the annual CAFR to the Government Finance Officers' Association (GFOA) for consideration of the Certificate ...
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