HomeMy WebLinkAbout#25 cc 6 21 16 2015 CAFR_Audit docx
MAYOR & COUNCIL COMMUNICATION
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DATE: June 21, 2016 REGULAR ITEM #25 MOTION
AGENDA ITEM: 2015 Comprehensive Annual Financial Report & Management Letters Presentation SUBMITTED BY: Cathy Bendel, Finance Director
THROUGH: Jason Miller, Smith Schafer & Associates REVIEWED BY: Kristina Handt, City Administrator
Jason Miller, Smith Schafer & Associates
Finance Committee Chair
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
FISCAL IMPACT: NA SUMMARY AND ACTION REQUESTED: The City has retained the services of Smith,
Schafer & Associates to audit the financial statements for 2015. The 2015 Comprehensive Annual Financial Report and Management Letters will be presented to the Council. The City Council is asked to review and accept the 2015 reports. BACKGROUND INFORMATION: Annually the City engages the services of an independent
outside audit firm to audit and assist with the preparation of the financial statements. The auditors are asked to assure that the financial statements are free from material misstatement in accordance with U.S. Generally Accepted Accounting Principles to the extent possible. They also perform testing and make inquiries to help ensure that proper internal controls are in place. This is the third year that the City of Lake Elmo has presented the report in the Comprehensive
Annual Financial Report (CAFR) layout.
City Council Meeting [Regular Agenda Item 25]
June 21, 2016
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An overview summary of the 2015 report and results were presented to the Finance Committee
on June 14, 2016. Draft copies of the report were provided to the Finance Committee and it was unanimously agreed to recommend that the report be presented to the City Council. STAFF REPORT: Jason Miller from Smith, Schafer & Associates will a PowerPoint
presentation summarizing the report and respond to inquiries.
RECOMMENDATION: It is recommended that the City Council accept the 2015 Year End Comprehensive Annual Financial Report and Management Letters.
“Move to accept the 2015 Comprehensive Annual Financial Report and Management Letters” TO BE DISTRIBUTED AT THE MEETING:
• 2015 Comprehensive Annual Financial Report
• 2015 Management Letters
• Governance Letter
• Internal Control Matters Letter