HomeMy WebLinkAboutCC AG PKT 2008-02-11 #G
AGENDA STAFF REPORT
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DATE:
February 11, 2008
TO: Honorable Mayor and City Council
THRU: David Carmany, City Manager
FROM: Robbeyn Bird, CPA
Director of Administrative ServiceslTreasurer
SUBJECT: JUNE 30, 2007 COMPREHENSIVE ANNUAL
FINANCIAL REPORT, SINGLE AUDIT REPORT,
MANAGEMENT LETTER TO CITY COUNCIL,
INVESTMENT REPORT AGREED-UPON
PROCEDURES, AND APPROPRIATIONS LIMIT
AGREED-UPON PROCEDURES
SUMMARY OF REQUEST:
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Staff requests that the City Council receive and file the City of Seal Beach
Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June
30, 2007, the Single Audit Report, the Management Letter to the City Council
(SAS 61), the Investment Report Agreed-Upon Procedures, and the
Appropriations Limit Agreed-Upon Procedures,
BACKGROUND:
The audit firm of Moreland and Associates, Inc has completed the annual audit of
the City of Seal Beach for the fiscal year ended June 30, 2007, The audit was
conducted in accordance with generally accepted auditing standards and
included examining, on a test basis, evidence supporting the amounts and
disclosures to obtain reasonable assurance that the financial statements are free
of material misstatements. In the opinion of the auditors, the financial statements
fairly present, in all material respects, the financial position of the City of Seal
Beach at June 30, 2007. In addition, there were no findings of reportable
conditions or material weakness in internal control over financial reporting or
instances of non-compliance with certain provisions of laws, regulations,
contracts or grants, which could have a direct and material effect on the
determination of financial statement amounts.
.
Moreland and Associates also completed other annual reports as part of their
audit procedures such as the Single Audit Report, the Management Letter to
Council (SAS 61), the Investment Report Agreed-Upon Procedures, and the
Appropriations Limit Agreed-Upon Procedures Report.
Agenda Item G
Page 2
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The CAFR for the fiscal year ended June 30, 2006 received the Certificate of
Achievement for Excellence in Financial Reporting from the Government Finance
Officers Association (GFOA). The CAFR for the fiscal year ended June 30, 2007
has also been submitted to the Government Finance Officers Association for
award consideration.
FISCAL IMPACT:
None
RECOMMENDATION:
That the City Council receive and file the Comprehensive Annual Financial
Report of the City of Seal Beach, the Single Audit Report, the Management
Letter to the City Council, the Investment Report Agreed-Upon Procedures
Report, and the Appropriations Limit Agreed-Upon Procedures Report for the
fiscal year ended June 30, 2007.
SUBMITTED BY:
NOTED AND APPROVED:
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6.i.J
~rd
Director of Administrative Services!
Treasurer
~'""::
David Carmany Q
City Manager
Attachments:
A. Comprehensive Annual Financial Report - FY 2006-07
B. Single Audit Report
C. Management Letter (SAS 61 letter to City Council)
D. Investment Report Agreed-Upon Procedures
E. Agreed-Upon Procedures Applied to Appropriations Limit Worksheets
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Agenda Ite11L-