HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID:
Date: 4/2/2009
Requesting Department: Finance
Commission Meeting Date: 5/14/2009 District Impacted:
Type: ❑ Resolution ❑ Ordinance ❑ Emergency Ordinance ® Discussion Item
❑ Other
Subject: Financial Statement Presentation by the External Auditors for the year ended
September 30, 2008 Comprehensive Annual Financial Report.
Law Department
Matter ID No.
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, 2008. The audit was conducted in
accordance with accounting principles generally accepted in the United States of America,
whereby an audit plan was prepared and followed to obtain reasonable assurance 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.
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:
Final Approvals
(SIGN AND DATE)
CIP Budget
If using or receiving capital funds
Grants Risk Managemen
Purchasin Dept. Directo
Chief City Manager
Bled 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, 2008.
Additionally, the City's independent audit firm, McGladrey & Pullen, has completed the City's
Single Audit for the fiscal year ending September 30, 2008. The audit was conducted in
accordance with accounting principles generally accepted in the United States of America;
Government Auditing Standards issued by the Comptroller General of the United States, OMB
Circular A-133, Audits of States, Local Govemments 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 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.