Placentia City Council
AGENDA REPORT
TO: CITY COUNCIL
VIA: CITY ADMINISTRATOR
FROM: DIRECTOR OF FINANCE
DATE: JULY 5, 2022
SUBJECT: ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE PERIOD ENDING JUNE 30, 2021
FISCAL
IMPACT: NONE
SUMMARY:
The Annual Audit of the City's financial records has been completed by the City's audit firm, The Pun Group Accountants & Advisors ("PG"). Part of the audit contract includes working with Staff to complete the Annual Comprehensive Financial Report ("ACFR"). The ACFR was reviewed with the Financial Audit Oversight Committee ("FAOC") on June 15, 2022. The FAOC approved the report and recommended for the City Council to receive and file without any material modifications.
RECOMMENDATION:
It is recommended that the City Council take the following actions:
Receive and file the Annual Comprehensive Financial Report for the period ending June 30, 2021, as recommended by the Financial Audit Oversight Committee.
DISCUSSION:
Each year the City has an external audit performed by an independent auditing firm. At the conclusion of the audit process, the auditors and the City's Finance Department completed the ACFR. As required by the Government Accounting Standards Board (GASB), the report's format includes standardized reporting information such as the Management Discussion and Analysis, Required Supplementary Information, and Government -wide Financial Statements including the Statement of Net Position and Statement of Activities.
Also, included in the report is the Independent Auditors' Report. In the opinion of the auditors (PG), the financial statements are presented fairly in all material respects. The audit of the City's Financial records were completed in accordance with generally accepted auditing standards
3.a.
July 5, 2022
City Council Agenda
July 5, 2022- FY20/21 ACFR
applicable to financial audits contained in Government Audit Standards issued by the Government Accountability Office. The City received a "clean" or unmodified opinion for the audit this year, in that there were no findings issued. Due to various actions taken by the City over the past several years, including establishing additional internal controls, the City has not received any findings since the 2015-16 embezzlement.
The ACFR was presented to the FAOC at its meeting on June 15, 2022, at which time the report was approved and recommended for the City Council to receive and file. The ACFR will also be submitted to the Government Finance Officers Association, for consideration of the Achievement for Excellence in Financial Reporting Award. Staff received notice from the Government Finance Officers Association in October 2021, that the City was awarded the Certificate of Achievement for Excellence in Financial Reporting for the Fiscal Year 2019-20 ACFR and believes this report will also qualify for the award.
FISCAL IMPACT:
There is no fiscal impact to the recommended action.
Prepared by.
Jennifer Lampman
Director of Finance
Reviewed and approved:
Damien ' . Arrula -
City Administrator
Attachments:
1. Annual Comprehensive Financial Report for Year ended June 30, 2021
2. Presentation from Pun Group