1997 AGN APR 01 I28 - Laserfiche WebLink

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; _ , CITY OF CO�70N AGENDA R€PORT �`1 � � � I�� For Council Meeiing of Marc , 1997 Tfl: Honorabie Mayor and City Council APPROVAL: Maiik Freeman, City Manag�.�—(''�� �ROM: Anna A. Vega, Finance Directo��,�. ��. SUBJECT: 'l995-96 Annual Audit DATE:' March 13, '�997 BACKGROUND On June 20, 'l995 the Ci#y Cour�cil approved a one y�ar contract wi#h Morefand & Associates io perform annuai audit services for the Ci#y and th� Redev�loprnent Ager�cy. On March '19, 199fi #he Counci! exercised i#s op#ion and approved tt�is #irm #o �erform ihe audit €or the fiscal year er�ded 199�-96. The compietian of the 199�-96 Annua! Audit co�cludes #he secon� year of a possible three year contrac#. DlSCUSSiON/ANALYSIS ln June '199fi, Moreland & Assucia#es performed pr�limir�ary audit proc�dures. fln Oc#fli�er 21, 'i 996, the firm cc�mmenced year end au�ii# fieid work procedures. Fieid wor�C was comple`ted, as sch�duled, on Novemf�er 27, 1996. T#�e City was anticipa#ing receiving, as sch�du�ed, draft audit reports by iat� D�cember or eariy January: However, sinc� the , cornple#i�n of audit field wflrk, tfi�� audit firm has made numerous sup�lemen#al requests for information which has significant#y delayed completion of #he entire process: in addition, the Ranci�o Mediterr , an�a Moi�ile H�me P�� ark audit has somewh at contributed #t� the deia in as Y rr�uc#� as #his financial data must #�e included in the City ar�d Agency's annual audit repflris. ALTERIVATfVES None. �INANCiAL IMPACT The audit "going cc�ncern" i�as been removed due to our revenues exee�ding c�ur expenditures in the genera! fund. This action helps the City in obtaining be#�er bond raiing and lower inieres# ra#es. The City's Gen�ral Fund casi� balance at Jun� 10, 1996 is $2,480,895. ENVlRONME�VTAL IMPACT Nc�ne. RECOMMENDATIQN Th� Ci#y Counca� receive and f!e the City's Comprehensiue Annual Financiai Repor� and a!! related reports fior #tre fiscal year ended June 3D, 1996. Item No. 28 , - , � ,