SR-6-M (44)
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FIN:CMD:kf/srcafr.word.pobas
Council Meeting: December 14, 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, 1993
Introduction
This is to transmit to the City Council the city's Comprehensive
Annual Financial Report for FY 1992-93 as required by section
1516 of the city Charter.
Background
The city Charter requ~res 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 FY 1992-93 contains 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 Highlights
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.
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Budget/Financial Impact
As the City's Comprehensive Annual Financial Report for
FY 1992-93 merely reports actual financial transactions, there is
no FY 1993-94 budget or financial impact.
Recommendation
It is respectfully recommended that the City's Comprehensive
Annual Financial Report for FY 1992-93 be received and filed.
Prepared by: Mike Dennis, Director of Finance
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