Title
Consider/Discuss/Act on the Acceptance of the Comprehensive Annual Financial Report (CAFR) and the Federal and State Single Audit Reports for the Fiscal Year Ended September 30, 2015
Summary
COUNCIL GOAL: Financially Sound Government
MEETING DATE: February 2, 2016
DEPARTMENT: Financial Services
CONTACT: Rodney Rhoades, Chief Financial Officer
Trudy Mathis, Sr. Financial Services Manager
RECOMMENDED CITY COUNCIL ACTION:
• Acceptance of the CAFR and Federal and State Single Audit Reports
ITEM SUMMARY:
• The CAFR includes the combined financial statements of all City of McKinney funds and component units.
• Our CAFR received an unmodified or “clean” opinion meaning the financial statements present fairly, in all material respects, the City’s financial position.
• The Federal and State Single Audit Reports present the activity and compliance of all applicable federal and state awards.
BACKGROUND INFORMATION:
• An annual independent audit of the City’s funds and account groups is required by Section 26 of the City of McKinney Charter.
• The Audit Committee convened on January 25th to review the audit results with the City’s independent audit firm, BKD, LLP and City staff.
o Committee is comprised of Council members Travis Ussery, Don Day, and Randy Pogue
• Staff is pleased to provide this quality document to the Council and citizens.
• Overall positive results for Fiscal Year 2014-2015 include an increase in fund balance for the General Fund and Water & Wastewater Fund due to higher than anticipated revenues and careful monitoring of expenditures.
FINANCIAL SUMMARY: N/A
BOARD OR COMMISSION RECOMMENDATION: N/A