File #: 2019-671    Version: 1 Name:
Type: Consent Status: Agenda Ready
File created: 7/2/2019 In control: City Council
On agenda: 7/16/2019 Final action:
Title: COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR FISCAL YEAR END JUNE 30, 2018 (CITY COUNCIL)
Attachments: 1. Carson 2018 Internal Control- GAS, 2. Carson 2018 Management Letter, 3. Carson 2018 Those charged with Governance
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Report to Mayor and City Council
Tuesday, July 16, 2019
Consent


SUBJECT:
Title
COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR FISCAL YEAR END JUNE 30, 2018 (CITY COUNCIL)

Body
I. SUMMARY

The Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2018 was issued on June 27, 2019. The purpose of this report is to receive the item, along with other reports from the independent auditor.

II. RECOMMENDATION
Recommendation

RECEIVE and FILE the Comprehensive Annual Financial Report for the fiscal year ended June 30, 2018.


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III. ALTERNATIVES

TAKE another action deemed appropriate by City Council.


IV. BACKGROUND

The City retained White Nelson Diehl Evans, LLP (WNDE), an independent Certified Public Accounting firm to perform the financial statement audit for fiscal year ended June 30, 2018. The auditor has issued a clean opinion. This means the auditor has found that the financial statements present fairly, in all material respects, the financial position and activities of the City.
The Comprehensive Annual Financial Report for the fiscal year ended June 30, 2018 was issued on June 27, 2019. The CAFR includes the audited financial statements, the independent auditor's opinion, and detailed financial and statistical information. The report is available on the City's website and at City Hall for viewing. Each City Council member received a bound copy of the CAFR prior to publication of this agenda report.
The independent audit firm, White Nelson Diehl Evans LLP, issued an "unqualified" or clean opinion that the financial statements are presented fairly.

The General fund is the primary operating fund of the City. The following is a summary of FY 17-18 estimates vs. actuals.



Actual revenues were $18,334,308 more than budgeted. The increase in revenues is due mainly to the reversal of the Colony Cove settlement of $7.9M, the newly passed Oil Industry tax which generated $1.5M, $2.6M received as community benefit...

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