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FIN:CMD:brjsrcafr.word.pobas
Council Meeting: January 12, 1993 Santa Monica, California
TO: MAYOR AND CITY COUNCIL
FROM: city Staff
SUBJECT: TRANSMITTAL OF COMPREHENSIVE ANNUAL FINANCIAL
REPORT FOR FISCAL YEAR ENDED JUNE 30, 1992
Introduction
ThlS is to transmlt to the City Council the City's Comprehensive
Annual Financial Report for FY 1991-92 as required by section
1516 of the City Charter.
Background
The. City Charter requ1res that the. City's financial records and
systems be examined by a qualifled accountant, and that an audit
report be submltted to the Councll. The attached Comprehensive
Annual Flnancial Report for FY 1991-92 contalns the results of
the audit work performed by the City's certified public
accountant, KPMG Peat Marwick, and is submitted herewith in
conformance with Charter requirements.
Report R1ghllghts
The Clty's audltors have issued an unqualified oplnion. This
means that the auditors belleve that the Clty'S combined
flnanClal statements have been prepared in conformity with
generally accepted accounting prlnclples and therefore falrly
present the financial position of the varlOUS fund types and
account groups of the City. 6-J
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BUdget/Financial Impact
As the city's Comprehenslve Annual Financial Report for
FY 1991-92 merely reports actual financial transactions, there is
no FY 1992-93 budget or flnancial impact.
Recommendation
It is respectfully recommended that the City's Camprehensive
Annual Flnancial Report for FY 1991-92 be received and filed.
Prepared by: Mike Dennis, Director of Flnance
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