|City of Independence|
|AGENDA ITEM COVER SHEET|
Acceptance of Annual Financial Statements for the Year Ending June 30, 2017.
Staff recommends the City Council accept the Financial Statements, together with the Independent Auditor’s Reports, for the fiscal year ending June 30, 2017.
The Governmental Accounting Standards Board (GASB) has stated every governmental entity should prepare and publish a Comprehensive Annual Financial Report (CAFR). The CAFR serves as the City’s official annual report and contains introductory information, schedules necessary to demonstrate compliance with finance-related legal and contractual provisions, and statistical data. The CAFR provides useful information for taxpayers, rating agencies, and investors resulting in a positive impact on debt issuance.
The purpose of the financial statements is to report on the financial position and operations of the City (including its blended component units) and provide an overview of the discretely presented component units. The CAFR enables City staff to educate the Mayor, Councilmembers and the public about the status of the City’s finances.
The Audit and Finance Committee, comprised of three members of the Council, acts in an advisory capacity to the Council and reviews financial information for appropriateness, reliability, clarity, timeliness and compliance with generally accepted accounting principles and legal requirements. In addition, this committee reviews the audit functions and adequacy of internal control systems.
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Independence for its Comprehensive Annual Financial Report for the fiscal year ended June 30, 2016. In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily readable, efficiently organized comprehensive annual financial report, the contents of which conform to program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. Staff believes the current CAFR continues to conform to the Certificate of Achievement Program requirements, and staff will submit it to the GFOA to determine its eligibility for another certificate.
A copy of the CAFR has been posted on the City’s website.
The application fee for the Government Finance Officer's Association (GFOA) Certificate of Achievement for Excellance in Financial Reporting program has been included in the Finance Department's budgeted funds for the 2017-18 fiscal year.
|Department: Finance Department||Contact Person: Brian C. Watson|
|City Managers Office||Approved|
|City Clerk Department||Approved|
|Council Action: ||Council Action: Accepted|