HomeMy WebLinkAboutItem 14 - 2018-19 CAFR Presentation2018-19
Comprehensive Annual
Financial Report
1
Recommendation
2
Review and accept the Comprehensive
Annual Financial Report,the Single Audit
Report,and the annual audit of the
Transportation Development Act Funds for
Fiscal Year 2018-19.
2018-1 9 A u d i t
Annual Audits
3
•Annual audits are required by the City’s
Charter and State laws
•New auditing firm this year –Badawi &
Associates
•Purpose is to fairly present the financial
condition of the City in accordance with
Generally Accepted Accounting Principles
2018-1 9 A u d i t
FY 18-19 Financial Statements
4
•Final draft documents included in packet
due to timing
•Changes in final documents
•Transit Fund/Whale Rock Fund $373K reclass –increase fare
box ratio to 22%
•Two other immaterial changes –since known, will be
corrected before posting.
2018-1 9 A u d i t
Audit Highlights
5
•Unqualified, Clean Audit
•No substantial material findings
•Increase in Fund Balance in General Fund
and all four Enterprise Funds
2018-1 9 A u d i t
Whale Rock/Water Fund
6
•GASB 68 & 75 –Pensions and OPEB
disclosures
•Liability reflected in Water Fund
•Need to address with Whale Rock
Commission and partners
2018-1 9 A u d i t
2018-19 Financial Statements
Questions?
2018-1 9 A u d i t
Recommendation
8
Review and accept the Comprehensive
Annual Financial Report,the Single Audit
Report,and the annual audit of the
Transportation Development Act Funds for
Fiscal Year 2018-19.
2018-1 9 A u d i t