SR-6-E (96)
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FIN,CMD:sd/finance\admin\stfrpts\srcafr
Council Meeting: December 12, 1995 Santa Monica, Californla
TO: Mayor and C~ty Council
FROM: City Staff
SUBJECT: Transm~ttal of Comprehens~ve Annual Financlal Report
for Fiscal Year Ended June 3D, 1995
Introduction
This ~s to transffilt to the City Councll the C~ty's Comprehens~ve
Annual Financial Report for FY 1994-95 as required by Section 1516
of the City Charter
Background
The C~ty Charter requires that the C~ty's flnanc~al records and
systems be examlned by a qual~fied accountant, and that an audit
report be submitted to the Council. The attached Comprehenslve
Annual Flnanclal Report for FY 1994-95 contains the results of the
audlt work performed by the Clty'S certified publlC accountant,
KPMG Peat Marwick, and ~s submltted herewlth in conformance wlth
Charter requirements.
Report Hiqhliqhts
The Clty'S audltors have issued an unquallfied oplnion ThlS means
that the auditors belleve that the City's comblned flnancial
statements have been prepared in conformlty with generally accepted
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accounting principles and therefore fairly present the financial
posit~on of the var~ous fund types and account groups of the City.
Budget/Financial Impact
As the C~ty's Comprehenslve Annual Flnanclal Report for
FY 1994-95 merely reports actual f~nanc~al transact~ons, there ~s
no FY 1995-96 budget or f~nancial ~mpact
RecommendatJ.on
It is respectfully recommended that the Clty'S Comprehensive Annual
Financial Report for FY 1994-95 be received and flIed.
Prepared by: Mlke Dennls, Dlrector of Finance
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