HomeMy WebLinkAbout101-CAFR Acceptance Report.pdf
SARATOGA CITY COUNCIL
MEETING DATE: December 7, 2011 AGENDA ITEM:
DEPARTMENT: Finance & Administrative Services CITY MANAGER: Dave Anderson
PREPARED BY: Mary Furey DIRECTOR: Mary Furey
SUBJECT: Fiscal Year 2010/11 Comprehensive Annual Financial Report (CAFR).
RECOMMENDED ACTION:
Review and accept the Fiscal Year 2010/11 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, 2011. The CAFR is
included for your review as Attachment A.
The Fiscal Year 2010/11 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.
To document and communicate the audit process, the auditors compile and submit a report to inform you
of their audit responsibilities, and various findings or issues they encountered during the audit, as
directed by the Auditing Standards Board under Statement of Auditing Standards 114 (SAS 114). There
were no negative findings. This report is included for your review as Attachment B.
In accordance with auditing regulations, auditors do not issue management letters on Internal Controls
unless the City’s internal control structure is found to have reportable material weaknesses. A material
weakness is a significant deficiency which could lead to a material misstatement of the financial
statements. VTD reviewed the City’s internal controls, and found no reportable material weaknesses.
The City applies for the Government Finance Officers Association (GFOA), Certificate of Achievement
for Excellence in Financial Reporting each year to ensure the City’s financial reports meet high standards
in governmental accounting and financial reporting. Saratoga received the GFOA award for last year’s
report for the seventeenth straight year. The award certificate is included in the CAFR report on page 5.
Staff will inform Council of the award status for this year’s report 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:
Pursuant to Government Code 54954.2, this item was properly posted as a City Council agenda item and
included in the packet made available on the City’s website in advance of the meeting. A copy of the
agenda packet is also made available at the Saratoga Branch Library each Monday in advance of the
Council meeting.
ATTACHMENTS:
Attachment A – FY 2010/11 CAFR Document
Attachment B – SAS 114 Report