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File #: 19-442    Version: 1 Name:
Type: Resolution Status: Agenda Ready
File created: 11/24/2019 In control: Town Council
On agenda: 12/5/2019 Final action:
Title: Adoption of Resolution 2019-25 Accepting the FY2018-19 Comprehensive Annual Financial Report (CAFR) and Associated Financial Reports
Attachments: 1. 01 Resolution 2019-25 Accepting the CAFR and Reports, 2. 02 Staff and Auditor Presentation 2019, 3. 03 CAFR 2019, 4. 04 Annual Expenditure Limitation Report 2019, 5. 05 HURF Letter 2019, 6. 06 Governance Communication 2019, 7. 07 Internal Control Communication 2019, 8. 08 Quarter 4 - 2019 v1

TO:                                             Mayor Bien-Willner and Town Council Members

 

FROM:                      Jill Keimach, Town Manager

                                            Douglas Allen, CPA

 

DATE:                     December 5, 2019

 

DEPARTMENT: Finance

 

Staff Contact Douglas Allen, CFO, 480-348-3696

End

 

AGENDA TITLE:

Title

Adoption of Resolution 2019-25 Accepting the FY2018-19 Comprehensive Annual Financial Report (CAFR) and Associated Financial Reports

Body

 

Council Goals or Statutory Requirements:

Arizona Revised Statutes:

•                     9-481 audit of cities and towns; and

•                     41-1279.07 uniform expenditure limitation

 

RECOMMENDATION:

Recommendation

Adopt Resolution 2019-25 Accepting the FY2018-19 Comprehensive Annual Financial Report (CAFR) and Associated Financial Reports

Background

 

SUMMARY STATEMENT:

The CAFR, associated financial documents, and auditor presentation are expected to be available in electric format by Tuesday December 3rd and hard copies by December 31st.

 

The accounting firm of CliftonLarsonAllen LLP conducted the annual financial audit and concluded the Town’s financial statements present fairly in all material respects, the financial positions of the governmental activities, each major fund, and the aggregate remaining fund information for the Town of Paradise Valley.

 

The Town received a clean audit opinion and the Comprehensive Annual Financial Report (CAFR), Annual Expenditure Limitation Report (AELR) and the Highway User Revenue Fund (HURF) Compliance Letter.

 

Dennis Osuch was the lead partner on the Town’s 2019 and will present to Council the results of the Financial audit and review the two findings contained in the “Auditors Communication on Internal Controls”.

 

Finance Office staff will open the presentation with an overview and be available for questions.

 

 

ATTACHMENT(S):

1)                     Resolution No. 2019-25 Accepting the FY2018-19 CAFR and associated reports

2)                     Auditor presentation

3)                     Comprehensive Annual Financial Report (CAFR)

4)                     Annual Expenditure Limitation Report (AELR)

5)                     Highway User Revenue Fund (HURF) Compliance Letter

6)                     Auditor Communication to Those Charge with Governance

7)                     Communication on Internal Controls

8)                     Quarterly report:  Q4-FY2019 Year End