HomeMy WebLinkAbout101-CAFR Presentation.pdf
SARATOGA CITY COUNCIL
MEETING DATE: February 18, 2009 AGENDA ITEM:
DEPARTMENT: Finance & Administrative Services CITY MANAGER: Dave Anderson
PREPARED BY: Mary Furey DIRECTOR: Mary Furey
SUBJECT: Review and accept the FY 2007/08 Comprehensive Annual Financial Report (CAFR).
RECOMMENDED ACTION:
Review and accept the FY 2007/08 Comprehensive Annual Financial Report (CAFR).
REPORT SUMMARY:
The City’s external auditor’s Vavrinek, Trine, Day & Co, LLP (VTD) conducted an audit in accordance
with generally accepted auditing standards. These standards require that they plan and perform the audits
to obtain reasonable assurance as to whether the financial statements are free of material misstatement. In
conjunction with the audit, the City’s financial data and schedules were compiled as a Comprehensive
Annual Financial Report (CAFR) which presents the City of Saratoga’s financial condition, results of
operations and current economic condition, for the fiscal year ended June 30, 2008.
The 2007/08 CAFR received an unqualified opinion from the City’s external auditors, VTD. An
unqualified opinion indicates the financial data of the City is fairly presented according to general
accounting principles. Additionally, VTD reviewed the City’s internal controls, and found no reportable
material weaknesses. A material weakness is a significant deficiency which could lead to a material
misstatement of the financial statements. The auditors informed staff they do not issue management letters
on Internal Controls unless the City’s internal control structure is found to have reportable material
weaknesses.
The City has applied for the Government Finance Officers Association (GFOA), Certificate of
Achievement for Excellence in Financial Reporting for the FY 2007/08 CAFR. Staff will inform Council
of the award status once notified.
FISCAL IMPACTS:
None
CONSEQUENCES OF NOT FOLLOWING RECOMMENDED ACTION:
None
FOLLOW UP ACTION:
Notify Council of CAFR Award status
ADVERTISING, NOTICING AND PUBLIC CONTACT:
N/A
ATTACHMENTS:
Attachment A – CAFR Document