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CASSELBERRY CITY COMMISSION Minutes of April 14, 2014 — Regular Meeting Page 9 of 19 ENDING SEPTEMBER 30, 2013; PROVIDING FOR CONFLICTS, SEVERABILITY, AND AN EFFECTIVE DATE." Staff Presentation: Ms. Rebecca Bowman, Finance Director, presented the Comprehensive Annual Financial Report (CAFR) for Fiscal Year ending September 30, 2013 to the Commission for consideration. She introduced Mr. Bill Blend, CPA with Moore Stephens Lovelace, PA, the City's external auditors. Mr. Blend gave a presentation which included a brief overview of the City's financial statements for Fiscal Year 2013, and reported on the City's net assets, liabilities and various fund 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 an unmodified opinion, noting that this was different terminology than the previous years' "unqualified report" and that the report had now been sectioned out and was easier to read. He stated that in addition, they had reported on internal controls over financial accounting reporting which is required under governmental audit standards and there were no findings in that report either. He advised that this was due to the Finance Department staff and extended kudos to them for their work on the financial statements, and for providing the assistance and accurate information needed to perform the audit. Mr. Blend advised that a report had also been issued on compliance with each major program that is related to the City's grants and there was a finding in that report related to the SEFA (Schedule of Expenditures of Federal Awards) preparation. He explained that it related to a major program that was not reported accurately when the schedule of financial assistance was initially received, but advised that this was a separate reporting situation and did not impact the financial information in the City's books. 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 advised that no audit adjustments had been made; there were no unreported or unadjusted differences; they had no disagreements with management; and to his knowledge management did not receive opinions from other accounts. 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, 2013. He again expressed appreciation to staff for their cooperation and assistance throughout the audit. Discussion: A brief discussion ensued regarding the number of other municipal and government clients for which Moore Stephens Lovelace P.A. performs audits; the City's good financial health; and whether there were any potential future issues seen during the audit. The members of the Commission thanked Mr. Blend for the good report. Audience Participation: The following individual came forward to address Resolution 14-2591: 1. Mr. John Casselberry, 700 South Lost Lake Lane, expressed concerns that it appeared to him from the report that the utilities company had gone down in value and he did not see an explanation for that. He also felt it was a risk to actually approve the audit if it was not required, as it placed the City at risk if errors were found at a later date and approval had been