HomeMy WebLinkAboutItem 02 - City AuditMEMO TO:
FROM:
MEETING DATE:
SUBJECT:
RECOMMENDATION:
ITEM
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
ROGER NELSON,
MARCH 1, 2005
CITY MANAGER AU -
FILING OF ANNUAL CITY AUDIT
A representative from Deloitte & Touche, 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 Deloitte & Touche completed the audit of the City's FY 2004 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 analyzed.
The audit also includes an audit of Tax Increment Financing Districts (TIF's 1 & 2) and a
single audit of all Federal Grant Awards, which were also free of material exceptions.
The auditor is filing his report with the City Council. No formal action on the part of the
Council is required.
WAG/cjc
H:AGMauditfiling4-1-05
January 14, 2005 (1:22PM)