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06-26-17-R
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06-26-17-R
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<br /> <br /> PUBLIC PRESENTATION – 3B <br /> <br /> <br /> <br /> <br /> <br /> <br />MEMORANDUM <br /> <br /> <br />DATE: June 26, 2017 <br /> <br />TO: Honorable Mayor and City Council <br /> William S. Joynes, Sr., City Administrator <br /> <br />FROM: Dave Perrault, Interim Director of Finance and Administrative Services <br /> <br />SUBJECT: 2016 City Financial Statements <br /> <br /> <br />Background/Discussion: <br /> <br />The City’s 2016 Financial Statements have been completed and will be submitted to both the <br />State Auditor and the GFOA. The City’s auditor, Aaron Nielsen from MMKR, will be present at <br />the June 26, 2017, City Council meeting to give an overview and answer questions. The auditors <br />have issued an unmodified (“clean”) opinion on our financial statements for the year ended <br />December 31, 2016. The total general fund balance at December 31, 2016 was $2,944,813 with <br />$2,660,771 of unassigned balance; the new balance equates to a decrease in the General Fund <br />balance of $137,597. The ending unassigned General Fund balance makes up approximately 56 <br />percent of next year’s budgeted expenditures. The City’s total net position increased by <br />$1,656,332. The combined ending fund balances for governmental funds was $7,837,469; the <br />combined ending working capital balance for the enterprise funds was $1,711,405, and internal <br />service funds was $428,124. <br /> <br />We have completed the report in the form prescribed by the Government Finance Officers <br />Association of United States and Canada (GFOA) for their Certificate of Achievement for <br />Excellence in Financial Reporting. In order to qualify for this, the report has to be published in <br />an easily readable and efficiently organized Comprehensive Annual Financial Report (CAFR) <br />that satisfies both accounting principles generally accepted in the United States of America and <br />applicable legal requirements. <br /> <br />As a note of information, the Auditing Standards are constantly increasing and changing. With <br />these changes, you may see increased findings. This does not mean that the City has done <br />anything wrong compared to previous years, only that the reporting requirements have become <br />much stricter. Many cities are experiencing these findings, and the findings are expected to <br />increase for all cities as these standards become stricter. We are pleased to report that we did not <br />experience any findings this year. We are pleased with the outcome of the audit. <br />
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