HomeMy WebLinkAboutSR - - AUDITED FINANCIAL STATEMENTS & RELATED FINANCIAL REPORTS YEAR ENDED JUNE 30 2014AGENDA ITEM
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UIYTY C
Date: February 10, 2015
ReviewedNerified
TO: Honorable Mayor and
City Manager _
Finance Director
Members of the City Council To Be Presented By
Will Kolbow
THRU: John W. Sibley X Cons Calendar _ City Mgr Rpts
City Manager Council Reports _ Legal Affairs
FROM: William M. Kolbow Boards /Crates _ Public Hrgs
Finance Director , Admin Reports Plan /Environ
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1. SUBJECT:
Audited Financial Statements and Related Financial Reports for the fiscal year ended
June 30, 2014.
2. SUMMARY:
Presentation of Financial Reports and Statements provided by independent auditors as a result of
the annual financial audit for the fiscal year ended June 30, 2014.
13. RECOMMENDATION:
The Finance Director recommends the Orange City Council, by motion, receive and file the
following documents for the fiscal year ended June 30, 2014:
• Comprehensive Annual Financial Report
• Audit Communication Letter
• Independent Accountants' Report on Agreed -Upon Procedures Applied to the
Appropriations Limit Worksheets
• Independent Accountants' Report on Agreed -Upon Procedures Applied to the
Investment Portfolio
• Air Pollution Reduction Fund Financial Statements and Independent Auditors' Report
• Independent Auditors' Report on Internal Control Over Financial Reporting
• Single Audit Report on Federal Awards
• Housing Successor Fund Financial Statements
14. FISCAL IMPACT:
None.
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15. AUTHORIZATION /GUIDELINES:
The City has the authority to issue financial statements as a responsible business practice. The
Financial Statements are prepared in conformance with governmental accounting standards.
16. DISCUSSION and BACKGROUN
The following Reports, Letter and Statements for the fiscal year ended June 30, 2014 are presented:
1. Comprehensive Annual Financial Report (CAFR) — This report is divided into three
major sections: the Introductory Section, the Financial Section and the Statistical
Section. The Introductory Section includes a Letter of Transmittal. The Financial
Section comprises the Audit Opinion, Management's Discussion and Analysis, and
the Basic Financial Statements. The Statistical Section provides important historical
and trend information about the City.
The Audit opinion is an "unqualified opinion ", which states that, in the auditor's
opinion, the basic financial statements of the City are presented fairly in all material
respects and are in conformity with generally accepted accounting principles.
2. Audit Communication Letter — a report of recommendations made to management
by the auditors to improve internal controls and /or operating efficiencies within the
city.
3. Independent Accountants' Report on Agreed -Upon Procedures Applied to the
Appropriations Limit Worksheets — procedures performed solely to assist the City in
meeting the requirements of Section 1.5 of the Article XIIIB of the California
Constitution.
4. Independent Accountants' Report on Agreed -Upon Procedures Applied to the
Investment Portfolio — independent review of investment operations and compliance
with the City's investment policy.
5. Air Pollution Reduction Fund Financial Statements and Independent Auditors'
Report - audited financial statements in accordance with Generally Accepted
Auditing Standards and the standards applicable to the financial audits contained in
Government Auditing Standards.
6. Independent Auditors' Report on Internal Control Over Financial Reporting — a
report to describe the scope of testing of the City's internal control over financial
reporting and the results of that testing
7. Single Audit Report on Federal Awards — audit of compliance requirements as
described in the U.S. Office of Management and Budget (OMB) circular A -133
Compliance Supplement.
8. Housing Successor Fund Financial Statements— audited financial statements in
accordance with Generally Accepted Auditing Standards and the standards
applicable to the financial audits contained in Government Auditing Standards.
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7. ATTACHMENTS
1. City of Orange Comprehensive Annual Financial Report and Summary of Audit
Results
2. Audit Communication Letter
3. Independent Accountants' Report on Agreed -Upon Procedures Applied to the
Appropriations Limit Worksheets
4. Independent Accountants' Report on Agreed -Upon Procedures Applied to Investment
Portfolio
5. Air Pollution Reduction Fund Financial Statements and Independent Auditors' Report
6. Independent Auditors' Report on Internal Control Over Financial Reporting
7. Single Audit Report on Federal Awards
8. Housing Successor Fund Financial Statements
ITEM
02/10/15
CNPrinted on Recycled Paper