HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: 13 - DO$ I D
Date: 07/1/2013
Commission Meeting Date: 07/25/2013
Requesting Department: Finance
District Impacted: All
Type: E Resolution n Ordinance ❑ Emergency Ordinance ® Discussion Item
❑ Other
Subject: Financial Statement Presentation by the External Auditors for the year ended September 30, 2012
Purpose of Item:
Law Department
Matter ID No.
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,
Ernst & Young.
Background Information:
The City's independent audit firm, Ernst & Young, has completed the City's financial statement audit
for fiscal year ending September 30, 2012. 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:
Final Approvals
(SIGN AND DATE)
CIP Budget
If using or receiving capital. funds
Grants
Purchasing
ChiefU1 17413
ost
Risk Management
'Dept. Director
City Manager'
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Continued.
Based on the audit performed, Ernst & Young, issued an unqualified audit opinion on 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, 2012.
Additionally, the City's independent audit firm, Ernst & Young, has completed the City's Single Audit for
the fiscal year ending September 30, 2012. 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.
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