HomeMy WebLinkAboutCC AG PKT 2010-12-13 #F AGENDA STAFF REPORT
DATE: December 13, 2010
TO: Honorable Mayor, City Council, and Redevelopment Agency
THRU: David Carmany, City Manager /Executive Director
FROM: Robbeyn Bird, CPA, Director of Administrative Services
SUBJECT: JUNE 30, 2010 COMPREHENSIVE ANNUAL
FINANCIAL REPORT, SEAL BEACH
REDEVELOPMENT AGENCY FINANCIAL
STATEMENTS, 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, 2010, the Seal Beach Redevelopment Agency financial statements, 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 and the Seal Beach Redevelopment Agency for the
fiscal year ended June 30, 2010. 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, 2010.
Mayer Hoffman McCann also completed other annual reports as part of their
audit procedures such as the Management Letter to Council (SAS 112), the
Agenda Item F
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Report on Compliance and Internal Control Over Financial Reporting, and the
Appropriations Limit Agreed -Upon Procedures.
The CAFR for the fiscal year ended June 30, 2009 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, 2010
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 $30.0
million dollars. This following table represents the allocation of these funds:
' General Fund
Reserves and Designations
Reserved:
Encumbrances $30,300
Unreserved:
Designated for:
Fiscal Policy 5,985,800
Traffic Impact 3,029,351
Fire Station 48 35,704
Swimming Pool 4,885,984
Street Improvements 2,252,554
Storm Drains 3,496,459
Buildings 1,162,511
Economic Condition 1,750,000
City Clerk 41,143
College Park East 477,000
Compensated Absences 715,900
Undesignated 6,156,145
Total Fund Balance $30,018,851
Of the undesignated fund balance listed in the table above, additional
appropriations of $1,645,200 have been approved by the City Council since June
30, 2010 leaving an undesignated fund balance in the General Fund of
$4,510,945. The additional appropriations mentioned abovedoes not include the
budget amendment on tonight's agenda which, if approved, further reduces the
General Fund undesignated fund balance.
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FINANCIAL IMPACT:
None
RECOMMENDATION:
That the City Council receive and file the Comprehensive Annual Financial
Report of the City of Seal Beach, the Seal Beach Redevelopment Agency
financial statements, the Management Letter to the City Council and the
Appropriations Limit Agreed -Upon Procedures Report for the fiscal year ended
June 30, 2010.
SUBMITTED BY: NOTED AND APPROVED:
Robbeyn Bir , CPA David Carm4ny, City Manager
Director of Administrative Services
Attachments:
A. Comprehensive Annual Financial Report — FY 2009 -10
B. Management Letter
C. Agreed Upon Procedures Report