SR-6-K (29)
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council Meeting: December 17, 1991 Santa Monica, California
TO: MAYOR AND CITY COUNCIL
FROM: City Staff
SUBJECT: TRANSMITTAL OF COMPREHENSIVE ANNUAL FINANCIAL
REPORT FOR FISCAL YEAR ENDED JUNE 30, 1991
Introduction
This is to transmit to the city Council the city's Comprehensive
Annual Financial Report for FY1990-91 as required by Section 1516
of the City Charter.
Backqround
The city Charter requires that the City's financial records and
systems be examined by a qualified accountant, and that an audit
report be submitted to the Council. The attached Comprehensive
Annual Financial Report for FY1990-91 contains the results of the
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aud1t work performed by the City's certified public accountant,
KPMG Peat Marwick, and is submitted herewith in conformance with
Charter requirements.
This year a compan1on "Budget Supplement" report has also been
prepared to present a comparison of actual revenues and
expenditures to Counc1l approved year-end budget authority. The
Budget Supplement also shows how the results of the City's
FY1990-91 financial operations have been summarized in the
Comprehensive Annual Financial Report. This additional
- 1nformation 15 required to be reported to the city council by
current national accounting standards. Adherence to theo ..1\
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financial reporting standards is an important component in
maintaining the City's high bond ratings.
Report Hiqhlights
The City's auditors have issued an unqualified opinion. This
means that the auditors believe that the City's combined
financial statements have been prepared in conformity with
generally accepted accounting principles and therefore fairly
present the financial position of the various fund types and
account groups of the City.
Budqet/Financial Impact
As the City's Comprehensive Annual Financial Report for FY1990-91
merely reports actual financial transactions, there is no
FY1991-92 budget or financial impact.
All departments ended FY1990-91 within their City Council
approved budget.
.
Recommendation
It is respectfully recommended that the City's Comprehensive
Annual Financial Report for FY1990-91 and Budget Supplement
Report be received and filed.
Prepared by: Mike Dennis, Director of Finance
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