SR-201-002 (7)
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MOV 11 1986
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FD:CMD:mp:cafr8485
Council Meeting: November 11, 1986
Santa Monica, California
TO:
MAYOR AND CITY COUNCIL
FROM:
city Staff
TRANSMITTAL OF COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR FISCAL YEAR ENDED JUNE 30, 1986
SUBJECT:
Introduction
This is to transmit to the City Council the city1s Comprehensive
Annual Financial Report for FY1985-86 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 FY1985-86 contains the results of the
audit work performed by the city's certified public accountant,
Peat, Marwick, Mitchell & Company, and is submitted herewith in
conformance with charter requirements.
Report Highlights
The Cityl s auditors have issued an unqualified opinion.
This
means that the auditors believe that the cityls 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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NOV 11 1986
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BUdget/Financial Impact
As the City's Comprehensive Annual Financial Report for FY1985-86
merely reports actual financial transactions, there is no
FY1986-87 budget or financial impact.
Recommendation
It is respectfully recommended that the city.s Comprehensive
Annual Financial Report for FY1985-86 be received and filed.
Prepared by: Mike Dennis, Director of Finance
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, i ' /:; NOV 1 2 1985
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FD:CMD:gp:cafr8485
CouncJ_l Meet1ng: November 12, 1985
Santa Mon1ca, Cal1forn1a
TO:
MAYOR AND CITY COUNCIL
FROM:
CJ..ty Staff
SUBJECT:
TRANSMITTAL OF COMPREHENS IVE ANNUAL FINANCIAL REPORT
FOR FISCAL YEAR 1984-85
Introduct1on
This 1S to transmit to the C1ty Council the CJ..ty's Comprehens1ve
Annual Financial Report for FY1984-85 as requ1red by SectJ..on 1516
of the C1ty Charter.
Background
The CJ.. ty Charter requires that the Cl ty' S fj nanCJ al records and
systems be examined by a qual1fied accountant, and that an aud1t
report be submitted to the Counell.
The attached Comprehensive
Annual FJ..nancJ..a1 Report for FY1984-85 conta1ns the results of the
aud1 t work performed by the cj ty 's certlfJ..ed publJ c accountant,
Peat, Marwick, Mltchell & Company, and J..S submltted herewlth 1n
conformance with Charter requirements.
Report HJghlights
The CJ..ty's auditors have issued an unqualJ..fled opJ..nlon.
ThlS
means that the audJ..tors belleve that the Clty'S comb1ned
fJ..nanclal statements have been prepared in conformJ..ty wlth
generally accepted accounting pr1nc1ples and therefore fairly
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NOV 1 2 1985
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present the financlal pOSl tl on of the vari ous fund types and
account groups of the City.
BudgetjFlnanclal Impact
As the City's Comprehensive Annual Financial Report for FY1984-85
merely reports actual
flnanClal
transactJons,
there
15 no
FY1985-86 budget or financial impact. As the accompanying report
lndicates r the Cl ty contlnues to be in a very strong flnancial
conditlon.
Recommendatlon
It JS respectfully recommended that the Clty'S Comprehensive
Annual FinancJal Report for FYl984-85 be received and flled.
Prepared by: Mike Dennis, Director of Flnance
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