Title
Consider/Discuss/Act on the Acceptance of the Comprehensive Annual Financial Report (CAFR) and the Federal Single Audit Report for the Fiscal Year Ended September 30, 2014
Summary
MEETING DATE: February 3, 2015
DEPARTMENT: Financial Services
CONTACT: Rodney Rhoades
Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
· Acceptance of the CAFR and Federal Single Audit Report
ITEM SUMMARY:
· The CAFR includes the combined financial statements of all City of McKinney funds and component units.
· Our CAFR received an unqualified 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.
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 26, 2015 the Audit Committee convened an audit review meeting with Jerry Gaither and Jennifer Ripka, Weaver representatives.
· Committee comprised of Council members Travis Ussery, Geralyn Kever, and Randy Pogue; staff members Rodney Rhoades, Kelvin Bryant, and Trudy Mathis.
· Staff is pleased to provide this quality document to the Council and citizens.
FINANCIAL SUMMARY: N/A
BOARD OR COMMISSION RECOMMENDATION: N/A