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CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of December 6, 1994 <br />TO: Honorable Mayor and City Council Rev* wed B <br />FROM: Paula Chamberlain, Finance Director 4 <br />SUBJECT: Acceptance of City Audit Reports Date: November 30, 1994 <br />Fiscal Year 1993/94 <br />BACKGROUND: <br />Part of federal regulations (Circular A-102, Executive Office of the <br />President, Office of Management and Budget) include a requirement for the <br />City to prepare financial statements and to submit the statements for audit <br />by an independent certified public accountant. <br />The firm of McGladrey and Pullen, CPAs, have rendered their opinions on the <br />following financial statements: <br />1. The City's general purpose financial statement as of and for the <br />year ended June 30, 1994. <br />2. The City's compliance audit, commonly referred to as the "Single <br />Audit" of federal fiscal assistance granted to the City of Colton during <br />the fiscal year 1993/94. <br />DISCUSSION: <br />Since these documents will become public records there is a need for the <br />Council to accept the reports and file them. <br />FISCAL IMPACT: <br />None. <br />RECOMMENDATION: <br />Staff recommends Council accept this staff report and move to receive, <br />accept and file the audit reports for 1993/94. <br />Attachments: City General Purpose Financial Statement <br />C%510� City Compliance Report <br />Page 1 of Item No. 48500 <br />