HomeMy WebLinkAboutItem 06 - Annual City AuditITEM -
MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
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FROM: ROGER NELSON, CITY MANAGER
MEETING DATE: MARCH 7, 2000
SUBJECT: FILING OF ANNUAL CITY AUDIT
RECOMMENDATION:
A representative from Deloitte and 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 and Touche was hired by the City Council on August 19, 1997.
The firm has completed their audit of the City's FY 1999 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. For the second straight year, the Management letter from the auditor contains
only those comments that are required by general accounting standards. This is an
exceptional achievement and Bill Gaither, Fred Werner and the Finance Department staff
should be commended for this accomplishment.
The audit also includes an audit of the Tax Increment Financing Districts (TIF's 1 & 2) and
an audit meeting "single audit" criteria necessary for compliance with receipt of State and
Federal grant monies. Again, no material exceptions were found.
The auditor is filing his report with the City Council. No formal action on the part of the
Council is required.
Kaudit2000
March 2, 2000 (12:39PM)