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CITY OF CENTERVILLE <br />REQUEST FOR <br />COUNCIL ACTION <br />Agenda Item #Department: Requested Council Meeting Date: <br /> <br />June 23, 2021 <br />Administration <br />TITLE OF ISSUE: <br />Presentation of 2020 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 2020. 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, and one change was considered to be material. One invoice from Crawford Merz was posted in <br />February, 2021 but should have been adjusted as accounts payable at year end. That item was missed in our <br />accrual entries. Staff will look more carefully at accounts payable in the future. <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 />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 /> _____ _____King <br />Management Communication, <br />_______________________________________________________________ <br /> _____ _____ Koski <br />Audit Presentation <br /> _____ _____Mosher_______________________________________________________________ <br />Administration Department Use: <br />Refer to: _________________________________ <br />Consent <br /> Tabled Until: ______________________________ <br /> Regular <br /> Other: ___________________________________ <br /> <br />