HomeMy WebLinkAboutItem 04A - Annual City Audit ITEM #
MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER y _
MEETING DATE: March 24, 2009 h" U
SUBJECT: FILING OF ANNUAL CITY AUDIT
RECOMMENDATION:
A representative from Patillo, Brown & Hill, the City's auditing firm will make a presentation
to the City Council filing the annual audit report in compliance with the City Charter,Article
3, Section 3.14.
BACKGROUND:
The audit firm of Patillo, Brown & Hill completed the audit of the City's FY 2008 financial
statements in compliance with the requirements of the City Charter,Article 3, Section 3.14.
The auditor's opinion letter states that the financial statements of the City of Grapevine
present fairly the financial position of the City. The opinion rendered is an "unqualified
opinion", meaning that there were no material exceptions found to the fairness criteria
under which the records were audited.
The management letter notes some recommendations relative to the FEMA grant
reimbursements. These reimbursements are being monitored more closely by the Fire
Department.
The audit also includes an audit of Tax Increment Financing Districts (TIFs 1 &2).A single
audit of all Federal Grant Awards is included in the Comprehensive Annual Financial
Report.
The auditor is filing his report with the City Council. No formal action on the part of the
Council is required.