Legislation Details

File #: 20-0124    Name:
Type: Agenda Item Status: Approved
In control: City Council Regular Meeting
On agenda: 2/4/2020 Final action: 2/4/2020
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
Attachments: 1. FY2019 - BKD Audit Committee Presentation, 2. FY2019 - CAFR Final, 3. FY2019 - GAGAS Opinion, 4. FY2019 - Single Audit, 5. FY2019 - SAS Scope and Results Letter

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