SR-201-002 (3)
Council Meeting: December 19, 2000 Santa Monica, California
TO: Mayor and City Council
FROM: City Staff
SUBJECT: Transmittal of Comprehensive Annual Financial Report for Fiscal Year
Ended June 30, 2000
Introduction
This report transmits to the City Council the City's Comprehensive Annual Financial Report
for FY 1999-00 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 1999-00 contains the results of the audit
work performed by the City's certified public accountant KPMG Peat Marwick and is
submitted herewith in conformance with Charter requirements.
Report Highlights
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
with generally accepted accounting principles and, therefore, fairly present the financial
position of the various fund types and account groups of the City.
Budget/Financial Impact
There is no budget or financial impact to receive and file the Citys Comprehensive Annual
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Financial Report for FY 1999-00. An analysis of the Citys financial position as of June
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30, 2000 will be presented as part of the City Council budget priorities public hearing on
January 9, 2001.
Recommendation
It is recommended that the City's Comprehensive Annual Financial Report for FY 1999-00
be received and filed.
Prepared by: Mike Dennis, Director of Finance
Attachment: Comprehensive Annual Financial Report
(Not available electronically. Available
For the Year Ended June 30, 2000
at the City Clerkâs Office)