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STAFF REPORT <br />06 <br />ITEM NO. <br />DATE: FEBRUARY 16, 2010 <br />TO: HONORABLE MAYOR AND CIY �O <br />FROM: ROD FOSTER, CITY MANAGER r <br />��q <br />PREPARED BY: BONNIE J. JOHNSON, MANAGEMENT SERVICES DIRECTOR <br />SUBJECT: RECEIVE AND FILE THE 2008-09 COMPREHENSIVE ANNUAL <br />FINANCIAL REPORT (CAFR) AND RELATED REPORTS <br />RECOMMENDED ACTION <br />It is recommended that the City Council receive and file the 2008-09 Comprehensive Annual <br />Financial Report (CAFR), the Report on Internal Controls, the report to the Audit Committee and <br />the Single Audit Report. <br />GOAL STATEMENT <br />The proposed action will support the City's goal to provide audited financial information in a <br />timely manner. <br />BACKGROUND <br />Currently the firm of Lance, Soll & Lunghard, LLP, performs the annual financial audit of the <br />City of Colton. This audit is required to be performed in accordance with Generally Accepted <br />Accounting Standards and Government Auditing Standards. At the conclusion of the audit test <br />work, the audit firm issues an opinion as to the presentation of financial position of City <br />activities. The City of Colton received a "clean" opinion on its basic financial statements. In <br />addition, the audit firm is also required to issue reports related to internal controls, Federal grants <br />received (Single Audit), as well as communicate with the Council on certain matters regarding <br />how the audit was planned and conducted. <br />ISSUES/ANALYSIS <br />The report on Internal Controls identifies matters that should be addressed by the City. Many of <br />these matters were reported on, but not addressed in prior years. Current staff will strive to <br />address all outstanding issues. <br />FISCAL IMPACTS <br />None. <br />