Title
Consider/Discuss/Act on the Acceptance of the Comprehensive Annual Financial Report (CAFR) and the Federal/State Single Audit Reports for the Fiscal Year Ended September 30, 2019
Summary
COUNCIL GOAL: Financially Sound Government
4A: Provide funding and organizational framework to ensure continual economic improvements
MEETING DATE: February 4, 2020
DEPARTMENT: Financial Services
CONTACT: Mark Holloway, Chief Financial Officer
Trudy Mathis, Director of Finance
RECOMMENDED CITY COUNCIL ACTION:
• Acceptance of the CAFR and Federal/State Single Audit Reports
ITEM SUMMARY:
• The CAFR includes the basic and combined financial statements for all City of McKinney funds and component units.
• The City received an unmodified or “clean” opinion meaning the financial statements present fairly, in all material respects, the City’s financial position.
• The Federal Single Audit Report presents the activity and compliance of all applicable federal awards.
• The State Single Audit Report presents the activity and compliance of all applicable 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.
• On January 27, 2020, the Audit Committee convened an audit review meeting with the City’s external audit firm BKD, LLP.
o David Coleman, Partner and Andrew Sherwood, Manager, presented their audit findings and the overall financial position of the City
o The Committee is comprised of Council members La’Shadion Shemwell, Frederick Frazier, and Charlie Philips.
• Staff is pleased to provide this quality document to the Council and citizens.
FINANCIAL SUMMARY:
• The City received an unmodified or “clean” opinion
BOARD OR COMMISSION RECOMMENDATION: N/A