Title
Consider/Discuss/Act on Acceptance of the Comprehensive Annual Financial Report (CAFR)
Summary
COUNCIL GOAL: Revenue Projections for Budget Considerations
MEETING DATE: March 2, 2010
DEPARTMENT: Finance
CONTACT: Jennifer Fung, 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 2009 fiscal year ending September 30, 2009.
• 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 17, 2010 the Audit Committee met with the independent auditors, Weaver & Tidwell, at the Audit Review Committee Meeting.
• Audit committee members include: Council members Ray Ricchi, David Brooks and Travis Ussery; staff members Frank Ragan, Jim Parrish, Jennifer Fung, and Jason Weeks; and representatives from Weaver & Tidwell (auditors), Marlon Williams and Robin Bromiley.
• Staff is pleased to provide this quality document to the council and citizens.
SPECIAL CONSIDERATIONS: None
FINANCIAL SUMMARY: Cost of the annual audit is $95,500.
BOARD OR COMMISSION RECOMMENDATION: N/A
SUPPORTING MATERIALS: These will be distributed at Monday’s worksession meeting.