SR - - AUDITED FINANCIAL STATEMENTS & RELATED FINANCIAL REPORTS YEAR ENDED JUNE 30 2015AGENDA ITEM
1. SUBJECT:
Audited Financial Statements and Related Financial Reports for the fiscal year ended
June 30, 2015.
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, 2015.
3. RECOMMENDATION:
Receive and file the following documents for the fiscal year ended June 30, 2015:
• 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
• Housing Successor Fund Financial Statements
4. FISCAL IMPACT:
None.
5. 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.
6. DISCUSSION and BACKGROUND:
The following Reports, Letter and Statements for the fiscal year ended June 30, 2015 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. 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.
ITEM
01/12/16
O Printed on Recycled Paper
7. ATTACHMENTS
The following are available for viewing in the City Clerk's Office:
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. Housing Successor Fund Financial Statements
ITEM
01/12/16
Q Pfinted on Recycled Paper