Agenda Item: 7
CITY OF SANTA CLARITA
AGENDA REPORT
CONSENT CALENDAR
CITY MANAGER APPROVAL:
DATE: January 24, 2023
SUBJECT: FISCAL YEAR 2021-22 ANNUAL COMPREHENSIVE FINANCIAL
REPORT AND OTHER RELATED REPORTS
DEPARTMENT: Administrative Services
PRESENTER: Carmen Magana
RECOMMENDED ACTION
City Council approve the Annual Comprehensive Financial Report and other related reports for fiscal year ending June 30, 2022.
BACKGROUND
The City of Santa Clarita's (City) independent audit firm, The Pun Group, LLP, has completed the City's annual audit for fiscal year ending June 30, 2022. The Pun Group, LLP, conducted the audit in accordance with Generally Accepted Auditing Standards, whereby an audit plan was prepared and followed to obtain reasonable assurance the City's financial statements were free from material misstatements. The audit included a review, on a test basis, of documents supporting the amounts and disclosures in the financial statements. The audit also included assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall general purpose financial statement presentation.
The Annual Comprehensive Financial Report (ACFR) reflects the City's strong financial condition with a healthy General Fund balance.
Based on the audit performed, The Pun Group, LLP, issued an unmodified "clean" audit opinion letter. The opinion reflects the best level an organization can receive on its financial statements.
The letter is identified as the "Independent Auditor's Report" in the City's ACFR for fiscal year ending June 30, 2022.
In accordance with Generally Accepted Auditing Standards (AU-C 260), the Auditor’s Communication with Those Charged with Governance, a Report to the Honorable Mayor and Members of the City Council, has been prepared by The Pun Group, LLP, to provide specific information related to the audit scope and performance.
In addition, the following reports were prepared for the fiscal year ending June 30, 2022, by The Pun Group, LLP:
Appropriations Limit Calculation
Single Audit Report
Transit Enterprise Fund of the City of Santa Clarita
City of Santa Clarita Air Quality Improvement Fund
Santa Clarita Open Space Preservation District
Copies of the reports were provided to the City Council under a separate memo.
ALTERNATIVE ACTION
No feasible alternative action has been identified by staff.
FISCAL IMPACT
None by this action.
ATTACHMENTS
Appropriations Limit Calculation 06-30-2022 (available in the City Clerk’s Reading File) Report to Honorable Mayor and Members of the City Council (available in the City Clerk’s Reading File)
Annual Comprehensive Financial Report 06-30-2022 (available in the City Clerk’s Reading File) Transit Enterprise Fund 06-30-2022 (available in the City Clerk’s Reading File) Air Quality Improvement Fund 06-30-2022 (available in the City Clerk’s Reading File) Open Space Preservation District 06-30-2022 (available in the City Clerk’s Reading File) Single Audit Report 06-30-2022 (available in the City Clerk’s Reading File)