HomeMy WebLinkAboutCC AG PKT 2010-01-11 #IDATE: January 11, 2010
TO: Honorable Mayor and City Council
THRU: David Carmany, City Manager
FROM: Robbeyn Bird, CPA
Director of Administrative Services
SUBJECT: JUNE 30, 2009 COMPREHENSIVE ANNUAL
FINANCIAL REPORT, MANAGEMENT LETTER TO
CITY COUNCIL, REPORT ON COMPLIANCE AND
INTERNAL CONTROL OVER FINANCIAL REPORTING,
AND APPROPRIATIONS LIMIT AGREED -UPON
PROCEDURES
SUMMARY OF REQUEST:
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, 2009, the Management Letter to the City Council (SAS 112), the Report on
Compliance and Internal Control Over Financial Reporting, and the
Appropriations Limit Agreed -Upon Procedures.
BACKGROUND:
The audit firm of Mayer Hoffmann McCann P.C., has completed the annual audit
of the City of Seal Beach for the fiscal year ended June 30, 2009. 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, 2009.
Mayer Hoffman McCann also completed other annual reports as part of their
audit procedures such as the Management Letter to Council (SAS 112), the
Report on Compliance and Internal Control Over Financial Reporting, and the
Appropriations Limit Agreed -Upon Procedures.
Agenda Item
Page 2
The CAFR for the fiscal year ended June 30, 2008 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, 2009
has also been submitted to the Government Finance Officers Association for
award consideration.
At the end of the fiscal year, the General Fund had a fund balance of $36.5
million dollars. This following table represents the allocation of these funds:
General Fund
Reserves and Designations
Reserved:
Encumbrances $211,000
Unreserved:
Designated for:
Fiscal Policy
5,985,800
Traffic Impact
3,172,982
Fire Station 48
5,183,100
Swimming Pool
5,000,000
Street Improvements
4,043,500
Storm Drains
4,735,000
Buildings
1,960,200
Economic Condition
1,750,000
City Clerk
79,160
College Park East
477,000
Compensated Absences
724,300
Undesignated 3,143,085
Total Fund Balance $36,465,127
Of the undesignated fund balance listed in the table above, additional
appropriations of $148,600 have been approved by the City Council since June
30, 2009 leaving an undesignated fund balance in the General Fund of
$2,994,485.
FINANCIAL IMPACT:
None
Page 3
RECOMMENDATION:
That the City Council receive and file the Comprehensive Annual Financial
Report of the City of Seal Beach, the Management Letter to the City Council and
the Appropriations Limit Agreed -Upon Procedures Report for the fiscal-year
ended June 30, 2009.
SUBMITTED BY:
Robbeyn Yird, CPA
Director of Administrative Services
Attachments:
NOTED AND APPROVED:
C ,.
David Carman , City Manager
A. Comprehensive Annual Financial Report — FY 2008 -09
B. Management Letter
C. Agreed Upon Procedures Report
�i • � 7 • t U � I •� I , I I . I �
� Wary Wilson Library
J
Leisure World Library