CC 03/14/2022 Minutes - Laserfiche WebLink

Home Browse Search

CASSELBERRY CITY COMMISSION Minutes of March 14, 2022 — Regular Meeting Page 9 of 12 Staff Presentation: Resolution 22-3298 provides for the acceptance of the Annual Comprehensive Financial Report (ACFR) for the fiscal year ending September 30, 2021. The ACFR has been audited by the CPA firm of MSL, P.A., and has been given an Unmodified Opinion. This is the highest level of auditor opinion that can be given in a financial statement audit. City Manager Randy Newlon introduced Mr. Joel Knopp of MSL, P.A., the City's external auditor, who presented the Annual Comprehensive Financial Report (ACFR) for Fiscal Year ending September 30, 2021. Mr. Knopp stated that his firm rendered an Unmodified Opinion that the City's financial statements for the Fiscal Year ending September 30, 2021, were in conformity with generally accepted accounting principles (GAAP) and were free of material misstatements and noted that this was the highest level of auditor opinion that could be given in a financial statement audit. He advised that the auditors had followed all the appropriate audit standards, which included government audit standards, rules of the Auditor General and the American Institute of CPA's (AICPA) audit standards. He then gave a presentation which consisted of an audit overview, the required auditor communications for Fiscal Year ended September 30, 2021, and financial highlights, and which included the following components: • Audit Overview o Required Communications ■ Auditor Responsibilities ■ Management Responsibilities ■ Internal Controls and Compliance ■ Significant Matters ■ Management Representations • Assigned Individual for Oversight ■ Audit Schedule Services and Deliverables o Auditor's Report on Financial Statements ■ Unmodified Opinion o Auditor's Report on Internal Control over Financial Reporting and on Compliance and Other Matters ■ No internal control findings related to financial reporting and no compliance findings o Independent Accountant's Report ■ No compliance findings o Independent Auditor's Management Letter ■ No management letter comments Financial Highlights o City -Wide Analysis o General Fund o General Fund Budget o Proprietary Fund Questions or Comments In response to questions from the City Commission, Mr. Knopp advised that the quick ratio (liquidity ratio) for government entities is generally in the 3.0 range, with 3.1 being ideal and anything higher being even better. He also advised that his firm serves as the auditor for several other cities and counties in Central Florida and the City of Casselberry's financial status compares well with those other local governments and