TO: Mayor Collins and Town Council Members
FROM: Brian Dalke, Interim Town Manager
Douglas W. Allen, CPA
DATE: December 6, 2018
DEPARTMENT: Finance
Staff Contact Douglas Allen
End
AGENDA TITLE:
Title
Adoption of Resolution Number 2018-31: Accepting the FY2018 Comprehensive Annual Financial Report (CAFR) and Associated Financial Reports.
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
[Describe how the action is consistent with the selected Town Value(s).]
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 Number 2018-31: Accepting the FY2018 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 opinion and the Comprehensive Annual Financial Report (CAFR), Annual Expenditure Limitation Report (AELR) and the Highway User Revenue Fund (HURF) Compliance Letter. There were no "audit findings".
The Auditors Communication on Internal Controls shows:
* Material weakness - None;
* Significant deficiencies - None.
The auditors have one "Management Comment" regarding access rights to the financial system by two management level employees and recommends segregating and limiting these rights.
Management agrees with the auditors' recommendation and has modified users' acc...
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