HomeMy WebLinkAboutItem 17 - cc 6 17 14 2013 CAFR_Audit docx
MAYOR & COUNCIL COMMUNICATION
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DATE: 06/17/2014 REGULAR ITEM #17 MOTION
AGENDA ITEM: 2013 Comprehensive Annual Financial Report & Management Letters Presentation SUBMITTED BY: Cathy Bendel, Finance Director
THROUGH: Cathy Bendel, Finance Director REVIEWED BY: Dean Zuleger, City Administrator
Finance Committee
Jason Miller, Smith Schafer & Associates
SUGGESTED ORDER OF BUSINESS:
- Introduction of Item .............................................................. City Administrator
- Report/Presentation……………………..…City Staff, Smith Schafer & Assoc.
- Questions from Council to Staff ............................................. Mayor Facilitates
- Call for Motion ............................................................... Mayor & City Council
- Discussion ....................................................................... Mayor & City Council
- Action on Motion .................................................................... Mayor Facilitates
POLICY RECOMMENDER: Finance FISCAL IMPACT: NA
SUMMARY AND ACTION REQUESTED: The City has retained the services of Smith, Schafer & Associates to audit the financial statements for 2013. The 2013 Comprehensive Annual Financial Report and Management Letters will be presented to the Council. The City Council is asked to review and accept the 2013 reports.
BACKGROUND INFORMATION: Annually the City engages the services of an independent outside audit firm to review the financial statements. The accountants are asked to assure that the financial statements are free from material misstatement to the extent possible. They also review to ensure that proper internal controls are in place. This is the first year that the City of
Lake Elmo has presented the report in the Comprehensive Annual Financial Report (CAFR) layout which is a notable accomplishment.
City Council Meeting [Regular Agenda Item 17]
June 17, 2014
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STAFF REPORT: Jason Miller from Smith, Schafer & Associates will present the report and respond to inquiries. RECOMMENDATION: It is recommended that the City Council accept the 2013 Year End
Comprehensive Annual Financial Report and Management Letters.
“Move to accept the 2013 Comprehensive Annual Financial Report and Management Letters”
TO BE DISTRIBUTED AT THE MEETING: 1. 2013 Comprehensive Annual Financial Report 2. 2013 Management Letters
• Governance Letter
• Internal Control Matters Letter