SR-201-002 (5)
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Santa Monica,
California
FD:CMD:mp:srcafr
Council Meeting:
November 22, 1988
TO:
MAYOR AND CITY COUNCIL
FROM:
City staff
SUBJECT:
TRANSMITTAL OF COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR FISCAL YEAR ENDED JUNE 3D, 1988
Introduction
This is to transmit to the city Council the City's Comprehensive
Annual Financial Report for FY1987-88 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 FY1987-88 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 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.
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BUdget/Financial Impact
As the City's Comprehensive Annual Financial Report for FY1987-88
merely reports actual financial transactions, there is no
FY1988-89 budget or financial impact.
Recommendation
It is respectfully recommended that the City's Comprehensive
Annual Financial Report for FY1987-88 be received and filed.
prepared by: Mike Dennis, Director of Finance
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