#03 - Audit Presentation - Laserfiche WebLink

Home Browse Search

7. The financial statements properly classify all funds and activities in accordance with GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, as amended. 8. The City followed either its established accounting policy regarding which resources (that is, restricted, committed, assigned or unassigned) are considered to be spent first for expenditures for which more than one resource classification is available or followed paragraph 18 of GASB Statement No. 54 to determine the fund balance classifications for financial reporting purposes. 9. If applicable, the financial statements include all fiduciary activities required by GASB Statement No. 84, Fiduciary Activities, as amended. 10. All events subsequent to the date of the financial statements, and for which U.S. GAAP requires adjustment or disclosure, have been adjusted or disclosed. 11. The effects of all known actual or possible litigation and claims have been accounted for and disclosed in accordance with U.S. GAAP. 12. Management has followed applicable laws and regulations in adopting, approving and amending budgets. 13. If applicable, risk disclosures associated with deposit and investment securities and derivative transactions are presented in accordance with GASB requirements. 14. If applicable, provisions for uncollectible receivables have been properly identified and recorded. 15. If applicable, capital assets, including infrastructure, intangible assets, and right of use assets are properly capitalized, reported and, if applicable, depreciated or amortized. 16. If applicable, the City has properly separated information in debt disclosures related to direct borrowings and direct placements of debt from other debt and disclosed any unused lines of credit, collateral pledged to secure debt, terms in the debt agreements related to significant default or termination events with finance- related consequences and significant subjective acceleration clauses in accordance with GASB Statement No. 88, Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements. 17. Components of net position (net investment in capital assets, restricted, and unrestricted) and classifications of fund balance (nonspendable, restricted, committed, assigned, and unassigned) are properly classified and, if applicable, approved. 18. Revenues are appropriately classified in the statement of activities within program revenues and general revenues. 19. Expenses have been appropriately classified in or allocated to functions and programs in the statement of activities, and allocations have been made on a reasonable basis. 20. Interfund, internal, and intra-entity activity and balances have been appropriately classified and reported. 21. The City’s policy regarding whether to first apply restricted or unrestricted resources when an expense is incurred for purposes for which both restricted and unrestricted net position is available and appropriately disclosed and that net position is properly recognized under the policy. 22. If applicable, the City disclosed the names of entities with which it has a tax abatement agreement, the total gross amount of taxes abated during the period, the specific taxes that were abated and whether any commitments other than to reduce taxes were made as part of any tax abatement agreement as required by GASB Statement No. 77, Tax Abatement Disclosures.