TO: Mayor Collins and Town Council Members
FROM: Kevin Burke, Town Manager
Dawn Marie Buckland, Deputy Town Manager
DATE: January 11, 2018
DEPARTMENT: Finance
Staff Contact Dawn Marie Buckland
End
AGENDA TITLE:
Title
Adoption of Resolution Number 2018-01: Accepting the FY2017 Comprehensive Annual Financial Report (CAFR) and Associated Financial Reports a.k.a. the Annual Audit
Body
Town Value(s):
? Primarily one-acre, residential community
? Limited government
? Creating a sense of community
? Partnerships with existing schools and resorts to enhance recreational opportunities
? Improving aesthetics/creating a brand
? Preserving natural open space
Ensures proper recording of Town revenues and expenditures
Council Goals or Statutory Requirements:
Long term balanced financial plan
RECOMMENDATION:
Recommendation
Adopt Resolution Number 2018-01: Accepting the FY2017 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. The Town received a clean audit report, except that the Town recorded the PSPRS unfunded pension liability as a prepaid expense in error. This was corrected, and the Town Council approved a budget adjustment to correlate with the updated recording of the expense.
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 ...
Click here for full text