TO: Mayor Bien-Willner and Town Council Members
FROM: Jill Keimach, Town Manager
Douglas Allen, CFO
DATE: December 3, 2020
DEPARTMENT: Finance
Staff Contact Douglas Allen, 480-348-3696
End
AGENDA TITLE:
Title
Adoption of Resolution 2020-36 Accepting the FY2019-20 Comprehensive Annual Financial Report (CAFR) and Associated Financial Reports
Body
RECOMMENDATION:
Recommendation
Adopt Resolution 2020-36 Accepting the FY2019-20 Comprehensive Annual Financial Report (CAFR) and Associated Financial Reports
Background
SUMMARY STATEMENT:
I. INDEPENDENT AUDITORS
The accounting firm of Henry + Horne 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. This is the first year Henry + Horne where the Town's auditors.
II. AUDIT OPINION AND FINDINGS
The Town received an unmodified (clean) audit opinion and the Comprehensive Annual Financial Report (CAFR), Annual Expenditure Limitation Report (AELR) and the Highway User Revenue Fund (HURF) Compliance Letter. The Town did not receive and new or repeat reportable "findings" over internal controls over financial reporting.
III. FISCAL PERFORMANCE AND RECOMMENDATIONS FOR THE FY2021 BUDGET
Overall, the final numbers in the audited financial statements are virtually the same as staff previewed during the Monthly Financial Update on September 24, 2020. Audited "Revenues" and "Changes in balance" are both $250.00 more than estimated for the Monthly Financial Update. Audited "Expenditures", "Transfers in, net" and "Transfers out, net" are the same as presented in the Monthly Financial Update. No further amendments or changes are recommended for the FY2021 budget resulting from the FY2019 audit.
The chart below compares the unaudited figures presented on 09/24/2020 and the actual...
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