1997 AGN MAR 18 I27 - Laserfiche WebLink

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_: . --- -- _ , _ _ I CITY OF COLTON AGENDA REPORT For Council Meeting of March 18, 1997 TO: Honorable Mayor and City Council APPROVAL: Malik Freeman, City Manag��,.-�'� FROM: Anna A. Vega, Finance Directo��.�. � SUBJECT: 1995-96 Annual Audit � DATE: March 13, 1997 BACKGROUND On June 20, 1995 the City Council approved a one year contract with Moreland & Associates to perform annual audit services for the City and the Redevelopment Agency. On March 19, 1996 the Council exercised its option and approved this firm to perForm the audit for the fiscal year ended 1995-96: The completion of the 1995-96 Annual Audit concludes the second year of a possible three year contract. DISCUSSION/ANALYSIS In June 1996, Moreland & Associates perFormed preliminary audit procedures. On October 21, 1996, the firm commenced year end audit field work procedures. Field work was completed, as scheduled, on November 27, 1996. The City was anticipating receiving, as scheduled, draft audit reports by late December or early January. However, since the completion of audit field work, the audit firm has made numerous supplemental requestsfor information which has significantly delayed completion of the entire process. In addition, the Rancho Mediterrania Mobile Home Park audit has somewhat contributed to the delay in as much as this financial data must be included in the City and Agency's annual audit reports. ALTERNATIVES None. FINANCIAL IMPACT The audit "going concern" has been remo�ed due to our revenues exceeding our expenditures in the general fund. This action helps the City in obtaining better bond rating and lower interest rates. The City's General Fund cash balance at June 10, 1996 is $2,480,895. ENVtRONMENTAL IMPACT None. RECOMMENDATION The City Council receive and file the City's Comprehensive Annual Financial Report and all related reports for the fiscal year ended June 30, 1996. Item No. 27