SR-201-002 (4)
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JAN 9 i9;jQ
Santa Monica, California
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Council Meeting: January 9, 1990
TO:
MAYOR AND CITY COUNCIL
FROM:
City Staff
SUBJECT:
TRANSMITTAL OF COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR FISCAL YEAR ENDED JUNE 30, 1989
Introduction
This is to transmit to the city Council the city's Comprehensive
Annual Financial Report for FY1988-89 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 Financial Report for FY1988-89 contains the results of the
audit work performed by the city's certified public accountant,
Peat Marwick Main & Company, and is submitted herewith in
conformance with Charter requirements.
Report Highliqhts
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.
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JAN 9 1990
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Budqet/Financial Impact
As the city's Comprehensive Annual Financial Report for FY1988-89
merely reports actual financial transactions, there is no
FY1989-90 budget or financial impact.
Recommendation
It is respectfully recommended that the City's Comprehensive
Annual Financial Report for FY1988-89 be received and filed.
Prepared by: Mike Dennis, Director of Finance
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