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CITY OF CENTERVILLE <br />REQUEST FOR <br />COUNCIL ACTION <br />Agenda Item # Department: Requested Council Meeting Date: <br />June 12, 2019 <br />Administration <br />TITLE OF ISSUE: <br />Presentation of 2018 Annual Audit <br />BACKGROUND AND SUPPLEMENTAL INFORMATION: <br />Brad Falteysek, Partner and CPA with Abdo, Eick & Meyers, will present the annual financial report, required <br />management communications, and audit insights to the City Council. The city has received an unqualified <br />(clean) audit opinion on the city's financial statements for fiscal year 2018. This means that the audit firm <br />believes our statements to meet Generally Accepted Accounting Practices (GAAP), present our financial <br />condition in a fair manner, and are free from material misstatements. There were a number of discussions <br />regarding accounting transactions and financial policies during the audit. These resulted in some adjusting <br />journal entries, but the changes were not considered to be material. Staff looks forward to using the information <br />contained in these reports to develop next year's budget, a capital improvement plan, and a long-range financial <br />management plan to be presented to the City Council. <br />COST AND SOURCE(S) OF FUNDING: <br />Budgeted funds in the General Fund, and additional funding from the Water and Sewer funds. <br />REQUESTED COUNCIL ACTION: <br />Staff recommends that the City Council make a motion to approve the Comprehensive Annual Financial Report <br />(CAFR) as presented. Following this approval, the financial statements will be published on the city's web site <br />and available for inspection by the public. <br />For ClerkÓs Use: <br />SUPPORTED DOCUMENTS ATTACHED <br />Motion By: ____________________________________ <br /> Resolution Ordinance Contract Minutes Plan Map <br />Second By: ____________________________________ <br />Vote Record: Aye Nay <br /> _____ <br />CAFR, <br />Other (specify)____________ <br /> _____ _____ Love <br /> _____ _____ Paar <br />Management Communication, <br />_______________________________________________________________ <br /> _____ _____ Koski <br />Audit Presentation <br /> _____ _____ Montain _______________________________________________________________ <br />Administration Department Use: <br />Refer to: _________________________________ <br />Consent <br /> Tabled Until: ______________________________ <br /> Regular <br /> Other: ___________________________________ <br />90 <br /> <br />