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CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of November 1, 1994 <br />TO: <br />Honorable Mayor and <br />City Council <br />FROM: <br />Paula Chamberlain, <br />Finance Director <br />olle <br />SUBJECT: Acceptance of City Audit Reports Date: October 18 1994 <br />Fiscal Year 1992/93 <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, 1993 (already distributed to Council). <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 1992/93 (included). <br />3. The financial and compliance report for the Redevelopment Agency <br />of the City of Colton for fiscal year 1992/93 (included). <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 r is for <br />City Manager's Concurrence <br />Attachments: City Compliance Report <br />Redevelopment Agency Compliance Report <br />Page 1 of Item No. /40 <br />