TO: Mayor Collins and Town Council Members
FROM: Kevin Burke, Town Manager
Dawn Marie Buckland, Director of Administration & Govt Affairs
Christine Covell-Granberg, Sr. Financial Analyst
DATE: January 26, 2017
DEPARTMENT: Administration and Government Affairs Department
Staff Contact Dawn Marie Buckland, Director of Administration & Government Affairs
End
AGENDA TITLE:
Title
Adoption of Resolution Number 2017-01: Accepting the FY16 Comprehensive Annual Financial Report (CAFR) and Associated Financial Reports a.k.a. the Annual Audit
Body
Council Goals or Statutory Requirements:
Develop a long term sustainable budget
Develop and advance a Capital Improvement Program
Prioritize public engagement and transparency
RECOMMENDATION:
Recommendation
Adopt Resolution Number 2017-01 and Receive and file the FY16 Comprehensive Annual Financial Report (CAFR) and associated financial reports.
Background
SUMMARY STATEMENT:
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. In simple terms, the Town received a clean audit report.
As part of the scope of work, the auditor was to conduct an “Independent Accountants’ Report on Applying Agreed-Upon Procedures” for the Paradise Valley Municipal Court. This triennial requirement of the Arizona Supreme Court reviews certain procedures of the Municipal Court for compliance with set standards. Attached please find a copy of that report and the Courts correspondence with the Supreme Court on measures taken to reconcile the non-compliance items. You will also find within the Auditor’s letter a copy of the “Agreed-Upon Procedures.” Please note the sample size for this audit is extremely small given the number of transactions that occur in the PV Municipal court.
BUDGETARY IMPACT:
None
ATTACHMENT(S):
FY16 CAFR, financial reports, and Management letters
Resolution 2017-01
Independent Accountants’ Report on Applying Agreed-upon Procedures
Email Correspondence between PVMC and Arizona Supreme Court