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FIN CMD sd/finance\admln\stfrpts\srcafr97 wpd
Council Meeting December 16, 1997 Santa Monica, Callforma
TO Mayor and City Council
FROM City Staff
SUBJECT Transmittal of Comprehensive Annual Financial Report for Fiscal Year
Ended June 30, 1997
Introduction
ThiS report transmits to the City Council the City's Comprehensive Annual Financial Report
for FY 1996-97 as required by SectIon 1516 of the City Charter
Backaround
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 1996-97 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
Renort Hlahllahts
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The City's auditors have Issued an unqualified opinion ThiS means that the auditors
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~e,
DEe 1 6 1997
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believe that the City'S combined financial statements have been prepared In conformity
with generally accepted accounting prmclples and, therefore, fairly present the financial
position of the vanous fund types and account groups of the City
An analysIs of the City'S financial position will be presented as part of the City Council
budget priorities public heanng on January 13, 1998
BudgetlFlnanClallm~act
As the City's Comprehensive Annual Financial Report for FY 1996-97 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 1996-97
be received and filed
Prepared by Mike Dennis, Director of Finance
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