HomeMy WebLinkAboutSummary FormDate: 06/09/2010
AGENDA ITEM SUMMARYC FORM
FILE ID: / Q— Q 0 r(o
Requesting Department: Finance
Commission Meeting Date: 07/08/2010 District Impacted: All
Type: Resolution Ordinance I Emergency Ordinance 171 Discussion Item
Law Department
Matter ID No.
❑ Other
Subject: Financial Statement Presentation by the External Auditors for the year ended September 30, 2009.
Purpose of Item:
To present the City's Comprehensive Annual Financial Report, Single Audit Report and Management
Letter, and discuss the findings and recommendations of the external audit in accordance with the
Financial Integrity Principles of the City of Miami.
Presentations will be made by the City's Finance Department and the City's independent auditor,
McGladrey & Pullen.
Background Information:
The City's independent audit firm, McGladrey & Pullen, has completed the City's financial statement
audit for fiscal year ending September 30, 2009. The audit was conducted in accordance with
accounting principles generally accepted in the United States of America (GAAP), whereby an audit
plan was prepared and followed to obtain reasonable assurance that the City's financial statements
were free from material misstatements. The audit included a review, on a test basis, of documents
supporting the amounts and disclosures in the financial statements. The audit also included assessing
the accounting principles used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. Continued
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP
Final Approvals
(SIGN AND DATE)
Budget
If using or receiving capital funds
Grants
Purchas
Risk Management ,1
Dept. Director
Chief City Manager it �.-�
Continued.
Based on the audit performed, McGladrey & Pullen issued an unqualified audit opinion letter in the City's
Comprehensive Annual Financial Report (CAFR). The unqualified opinion reflects the highest level of
assurance an organization can receive on its financial statements. The letter is identified as the
"Independent Auditor's Report" in the City's CAFR for fiscal year ending September 30, 2009.
Additionally, the City's independent audit firm, McGladrey & Pullen, has completed the City's Single
Audit for the fiscal year ending September 30, 2009. The audit was conducted in accordance with
accounting principles generally accepted in the United States of America (GAAP), OMB Circular A-133,
Audits of States, Local Governments and Non -Profit Organizations, and Chapter 10.550 Rules of the
Auditor General of the State of Florida. The report includes recommendations on financial and compliance
matters, the required auditor's report on internal controls (over financial statements and federal/state
compliance), and an opinion on the Schedule of Expenditures of Federal Awards and State Financial
Assistance.
Furthermore, the City's auditors have issued the Management Letter in accordance with the rules of the
Auditor General of the State of Florida. The Management Letter provides, amongst other things,
recommendations noted on the financial and internal operations of the City.
The City's Comprehensive Annual Financial Report, the Single Audit Report and the Management Letter
will be presented with this discussion item.