Title
Consider/Discuss/Act on Acceptance of the Comprehensive Annual Financial Report (CAFR)
Summary
MEETING DATE: March 1, 2011
DEPARTMENT: Finance
CONTACT: Larry Cunningham, Interim Executive Director of Finance
Jason Weeks, Assistant Director of Finance
RECOMMENDED CITY COUNCIL ACTION:
• Acceptance of the Comprehensive Annual Financial Report
ITEM SUMMARY:
• The audited Comprehensive Annual Financial Report (CAFR) for the City of McKinney is presented for the Council’s review and approval.
• This report covers the 2010 fiscal year ending September 30, 2010.
• Included in the CAFR are the combined Financial Statements of all Funds and Component Units, as prepared by the Finance Department, on which the auditor expresses an opinion.
• The reports received an unqualified opinion, that is, the financial statements present fairly, in all material respects, the financial position of the City.
BACKGROUND INFORMATION:
• An annual independent audit of the City’s funds and account groups is required by Section 24 of the City of McKinney Charter.
• On February 22, 2011 the Audit Committee met with the independent auditors, Weaver & Tidwell, at the Audit Review Committee Meeting.
• Audit committee members include: Council members Don Day, Pete Huff, Geralyn Kever; staff members Rick Chaffin, Jim Parrish, Lemuel Randolph, Larry Cunningham, and Jason Weeks; and representatives from Weaver & Tidwell (auditors), Marlon Williams and John DeBurro.
• Staff is pleased to provide this quality document to the council and citizens.
• Overall positive results for Fiscal Year 2009-10; General Fund expenditures less than anticipated due to departments carefully monitoring expenses and keeping them as low as possible.
• Fund balance in general Fund increased due to reduced expenditures and some growth in revenue; less use of General Fund balance than originally planned.
• Other funds in the City ended with positive results.
SPECIAL CONSIDERATIONS: None
FINANCIAL SUMMARY: Cost of the annual audit is $100,000.
BOARD OR COMMISSION RECOMMENDATION: N/A
SUPPORTING MATERIALS: Audit documents will be distributed at the meeting.