Legislation Details

File #: 17-201    Name: FY 2016 CAFR
Type: Agenda Item Status: Approved
In control: City Council Regular Meeting
On agenda: 2/21/2017 Final action: 2/21/2017
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, 2016
Attachments: 1. FY 2016 CAFR, 2. FY 2016 SAS Letter, 3. FY 2016 Final Single Audit, 4. Audit Committee Presentation

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, 2016

 

Summary

 

COUNCIL GOAL:                     Financially Sound Government

 

MEETING DATE:                     February 21, 2017

 

DEPARTMENT:                      Financial Services

 

CONTACT:                       Mark Holloway, Chief Financial Officer

                     Trudy Mathis, Director of Finance

 

RECOMMENDED CITY COUNCIL ACTION:                     

•                     Acceptance of the CAFR and Federal Single Audit Report

 

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.

 

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 February 13, 2017, the Audit Committee convened an audit review meeting with the City’s external audit firm BKD, LLP. 

o                     Kevin Kemp, Partner, and Karen Kurtin, Senior Manager, presented their audit findings and the overall financial position of the City

o                     The Committee is comprised of Mayor Pro Tem Randy Pogue, and Council members Rainey Rogers and Travis Ussery. 

•                     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