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FIN CMD tUfinance\admln\stfrpts\srcafr 96 JAN 1 ,. ."
Council Meetmg January 14, 1997 Santa MOnica, California
TO Mayor and City Council
FROM City Staff
SUBJECT Transmittal of Comprehensive Annual FinancIal Report for Fiscal Year
Ended June 3D, 1996
Introduction
ThiS report transmits to the City Council the City'S ComprehensIve Annual Financial
Report for FY 1995-96 as reqUired by Section 1516 of the City Charter
Backqround
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 Fmanclal Report for FY 1995-96 containS 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 Hlqhhqhts
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
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with generally accepted accounting principles and, therefore, fairly present the financial
position of the vanous fund types and account groups of the City
Budget/Financial Impact
As the City's ComprehensIve Annual Fmanclal Report for FY 1995-96 reports actual
financIal transactions, there IS no FY 1996-97 budget or financial Impact
Recommendation
It IS recommended that the City's Comprehensive Annual Financial Report for
FY 1995-96 be received and filed
Prepared by Mike Dennis, Director of Finance
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