CC Minutes 04/08/2013 - Laserfiche WebLink

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CASSELBERRY CITY COMMISSION Minutes of April 8, 2013 — Regular Meeting Page 10 of 17 Staff Presentation: Ms. Rebecca Bowman, Finance Director, presented the Comprehensive Annual Financial Report (CAFR) for Fiscal Year ending September 30, 2012 to the Commission for consideration. She introduced Mr. Bill Blend, and Mr. Joel Knopp, CPA's with Moore Stephens Lovelace, PA, the City's external auditors. Mr. Blend stated that he would be presenting an overview of the CAFR to the Commission. He thanked Ms. Bowman and the City staff for their work on the financial statements, and for providing the assistance and information needed to perform the audit. He also thanked his staff, noting that Mr. Joel Knopp was the lead member of his team far• this audit. Mr. Blend gave a presentation which included a brief overview of the City's financial statements, and reports on the City's net assets, liabilities and various find balances. He went over some financial highlights, and stated that the City had again received the highest level of assurance it could receive from an external auditor, which was a clean or unqualified report. He noted that this terminology would change in the fifture from "unqualified" to "unmodified" report. He stated that in addition, they had reported on internal controls over financial reporting which is required under governmental audit standards and there were no findings in that report either. Mr. Blend advised that this year the City had also been required to have a "single" audit or an audit of its federal grants due to having reached the threshold of $500,000 which triggered the requirement. He advised his firm had also performed that audit, looking for compliance related to grants received, and he was pleased to report that was also a clean report. He further advised that in compliance with the rules of the Auditor General they were required to issue a management letter in which items such as compliance with investment standards and the financial condition of the City were reported. He noted that this was also a clean report; there were no findings within that letter. Mr. Blend concluded by stating that the City's financial statements showed healthy ratios for its assets to liabilities in both government and business activities and showed good overall results for the Fiscal Year ending September 30, 2012. He again expressed appreciation to staff for their cooperation and assistance throughout the audit. Budget Impact: There is no impact to the City Budget. Recommendation: The City Manager and the Finance Director recommended approval of Resolution 13 -2483. MOTION: Vice Mayor Solomon moved to approve Resolution 13 -2483, as presented. Motion was seconded by Commissioner Aramendia. Motion carried unanimously by voice vote 5 — 0.