City of Coolidge
Arizona

Action Item
2696

Consider Approval of the FY 16/17 Comprehensive Annual Financial Report (Audit) for Filing.

Information

Department:Finance DepartmentSponsors:
Category:Audit

Attachments

  1. Printout
  2. Single Audit 2017

Body

RECOMMENDATION

 

I am requesting that Council approve the FY 16/17 Comprehensive Annual Financial Report (Audit) for filing. The audit was performed by Colby & Powell PLC. 

 

DISCUSSION

 

Attached is the FY 16/17 Audit performed by Colby & Powell PLC.  This is ninth year the Finance Department prepared a Comprehensive Annual Financial Report (CAFR) that includes the audited financial statements as well as a statistical section that contains schedules of trend information to help the reader understand how the City’s financial performance and well-being have changed over time.  The CAFR has been submitted to the Government Finance Officers Association for the Certificate of Achievement for Excellence in Financial Reporting for the seventh year. 

 

Also, attached is the Single Audit report on compliance with Internal Controls and Federal Award compliance.  There were no findings.

 

FISCAL IMPACT

 

The CAFR, and the contents thereof, is important to the City when applying for loans, grants, bonding, etc.  It projects the economic outlook of the City.

 

Meeting History

Mar 12, 2018 7:00 PM  City Council Regular Meeting

CFO/Finance Director Garcia advised that Mr. Jim Usevitch with Colby & Powell, PLC could not be present, and asked for this item to be tabled until the next meeting. There was discussion.

RESULT:TABLED [UNANIMOUS]Next: 3/26/2018 7:00 PM
MOVER:Jimmy Walker, Councilmember
SECONDER:Rob Hudelson, Councilmember
AYES:Jacque Hendrie-Henry, Jimmy Walker, Steve Hudson, Rob Hudelson, Tatiana Murrieta
ABSENT:Jon Thompson, Joseph Marsh
Mar 26, 2018 7:00 PM  City Council Regular Meeting

CFO/Finance Director Garcia introduced Mr. Jim Usevitch with Colby and Powell, PLC who gave a brief overview of the FY 16/17 Comprehensive Annual Financial Report (CAFR) Audit findings, stating overall the City took a small hit, but moving forward, the City should have healthy fund balances; and that the audit conducted on the $2.8 million received in federal funding found no compliance issues with federal funding guidelines. There was discussion.

RESULT:APPROVED [UNANIMOUS]
MOVER:Steve Hudson, Councilmember
SECONDER:Jimmy Walker, Councilmember
AYES:Jon Thompson, Jacque Hendrie-Henry, Jimmy Walker, Steve Hudson, Tatiana Murrieta, Joseph Marsh
ABSENT:Rob Hudelson