CITY OF COMMERCEAGENDA REPORTCITY OF COMMERCEAGENDA REPORT
CITY OF COMMERCE
AGENDA REPORT
CITY OF COMMERCE
AGENDA REPORT
Item No. Item No.
Item No.
Item No.
TO: Honorable City Council
FROM: City Manager
SUBJECT: Annual Comprehensive Financial Report (Annual Report) for Fiscal Year Ended June 30, 2021 Meeting Date: March 8, 2022
RECOMMENDATION:
Receive and file the Annual Comprehensive Financial Report (Annual Report) for fiscal year ended June 30, 2021.
BACKGROUND/ANALYSIS:
The following June 30, 2021, financial reports for the City of Commerce are presented herein under separate cover:
Annual Comprehensive Financial Report (Annual Report)
Finance Staff is happy to report that the Annual Report for the year ended June 30, 2021 received an unqualified opinion (clean) from our auditors. The audit of the City’s Annual Report is a collaborative effort, and the clean audit opinion is a reflection of the hard work and dedication of staff, management and the City Council. As we do every year, the 2021 Annual Report will be submitted to the Government Finance Officers Association for possible qualifications in obtaining a Certificate of Achievement for Excellence in Financial Reporting. Staff fully expects to receive this certificate for the 2021 Annual Report as we have for prior year reports.
As with previous audits, our auditors have identified a few areas for staff to make improvements. Many of these improvements have already been implemented and others are currently being worked on by staff. Finance staff is always available if any City Council member would like to review any of the particulars in the Annual Report.
ALTERNATIVES:
Approve staff recommendation
Provide staff with further direction
FISCAL IMPACT:
This activity can be carried out without additional impact on the current operating budget.
RELATIONSHIP TO STRATEGIC GOALS:
This report is associated with Council’s Fiscal Sustainability Guiding Principle 1: Demonstrate fiscal responsibility through establishing financial policies, budgeting practices that meet the Financial Standards of Excellence requirements, which meet the benchmarks for financial reporting established by the Governmental Finance Officer Association (GFOA).
Recommended by: Josh Brooks, Acting Director of Finance Reviewed by: Vilko Domic, Assistant City Manager
Approved as to form: Noel Tapia, City Attorney
Respectfully submitted: Edgar P. Cisneros, City Manager
Attachments:
Annual Comprehensive Financial Report