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FIN:CMD:sdjflnance\admln\stfrpts\srcafr
Council Meeting: December 13, 1994 Santa Monlca, California
TO:
Mayor and Clty Council
FROM:
City Staff
SUBJECT:
Transmlttal of Comprehenslve Annual Flnancial Report
for Fiscal Year Ended June 30, 1994
Introduction
This lS to transmlt to the Clty Councll the City's Comprehensive
Annual Financial Report for FY 1993 -94 as requlred by Section
1516 of the Clty Charter.
Backqround
The City Charter requlres that the City's financlal records and
systems be examined by a quallfled accountant, and that an audit
report be submitted to the Council.
The attached Comprehenslve
Annual Financial Report for FY 1993-94 contains the results of
the audlt work performed by the Clty'S certified public
accountant, KPMG Peat Marwick, and is submitted herewlth in
conformance wlth Charter requirements.
Report Hlqhllqhts
The Clty'S audltors have issued an unqualifled OplTI10TI.
This
means that the auditors belleve that the City's comblned
flnancial statements have been prepared in conformity with
generally accepted accounting princlples and therefore falrly
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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
FY 1993-94 merely reports actual financial transact~ons, there is
no FY 1994-95 budget or financial impact.
Recommendation
It is respectfully recommended that the City's Comprehensive
Annual Financial Report for FY 1993-94 be received and filed.
Prepared by: Mike Dennis, Director of Finance
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