Town Council Regular Session
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Item # 2.
Stacey Lemos, Finance
PRESENTATION AND ACCEPTANCE OF THE TOWN'S ANNUAL FINANCIAL AUDIT FOR FISCAL YEAR ENDING JUNE 30, 2014
Staff recommends acceptance of the financial audit for the fiscal year ending June 30, 2014.
The certified public accounting firm of Heinfeld, Meech & Co., P.C. has completed the financial audit of the Town for the fiscal year ending June 30, 2014. The audit was conducted in accordance with generally accepted auditing standards, and the auditors have rendered an opinion that the Town's general purpose financial statements fairly present the Town's financial position as of June 30, 2014. This is also known as an unmodified, or clean, audit opinion.
It is important to note that there were no audit deficiencies or concerns presented to management during the audit to cause the issuance of a separate Management Letter.
Attached is a copy of the Comprehensive Annual Financial Report (CAFR), which contains the audited financial statements. The CAFR will be submitted to the Government Finance Officer's Association (GFOA) for the Excellence in Financial Reporting Award program for the 21st consecutive year.
Mr. Corey Arvizu, CPA, Partner, and Mr. Jim Rebenar, CPA, Manager, with the firm of Heinfeld, Meech & Co., P.C. will be present to provide an overview of the audit to the Mayor and Council this evening and answer any questions that may arise.
BACKGROUND OR DETAILED INFORMATION:
Key sections of the attached CAFR for Town Council review include the Letter of Transmittal located in the beginning of the report (pages i - viii); the Independent Auditors' Report (pages 1 - 2); and Management's Discussion and Analysis (pages 5 - 14).
The following is an overview of the Town's financial operations for the fiscal year ending June 30, 2014:
On June 30, 2014, the General Fund's end-of-year fund balance was $11,534,023, which decreased by $1.6 million compared to last year (page 28). This was primarily due to the Council-authorized use of contingency reserves to fund improvements at Naranja Park.
The Highway Fund's end-of-year fund balance was $4,175,161, which increased by $657,396 compared to last year (page 28). This was primarily due to an increase in construction sales tax revenues generated from development activity during the year.
The following is the financial position of the Oro Valley Water Utility at June 30, 2014:
Net income of $5,824,732 and capital contributions of $179,675 increased the Utility's net position by $6 million. Total net position at year-end was $70.7 million (page 34).
I MOVE to accept the Town's financial audit for the fiscal year ending June 30, 2014.
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