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Council Meeting December 15, 1998
Santa MOnica, California
TO Mayor and City Council
FROM City Staff
SUBJECT Transmittal of Comprehensive Annual Financial Report for Fiscal Year
Ended June 30, 1998
Introduction
This report transmits to the City Council the City's Comprehensive Annual Financial Report
for FY 1997-98 as reqUired by Section 1516 of the City Charter
Background
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 FY 1997-98 contams the results of the audit
work performed by the City's certified publiC accountant KPMG Peat Marwlck and IS
submitted hereWith In conformance With Charter requirements
Report Highlights
The City's auditors have Issued an unquahfled opinion ThiS means that the auditors
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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
BudgetlFlnanclallmpact
There IS no budget or finanCial Impact to receive and file the City's Comprehensive Annual
FinanCial Report for FY 1997-98 An analysIs of the City'S financial position as of June 30,
1998 will be presented as part of the City Council budget priorities public hearing on
January 12.1999
Recommendation
It IS recommended that the City's Comprehensive Annual Financial Report for FY 1997-98
be received and filed
Prepared by Mike DenniS, Director of Finance
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