8 City Council Accept the City of Livingston Independent Auditor’s Report and Financial Statements Dated June 30, 2015 and City of Livingston Local Transportation Development Act Fund – Independent Auditor’s Report and Financial Statements Dated June 30, 2015.

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STAFF REPORT

AGENDA ITEM: City Council Accept the City of Livingston Independent Auditor’s Report and Financial Statements Dated June 30, 2015 and City of Livingston Local Transportation Development Act Fund – Independent Auditor’s Report and Financial Statements Dated June 30, 2015.

MEETING DATE: December 1, 2015

PREPARED BY: Odi Ortiz, Assistant City Manager/Finance Director

REVIEWED BY: Eddie Duque, City Manager

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RECOMMENDATION:

City Council accept the City of Livingston Independent Auditor’s Report and Financial Statements dated June 30, 2015 and City of Livingston Local Transportation Development Act Fund -Independent Auditor’s Report and Financial Statements dated June 30, 2015.

Copies of the Fiscal Year 2014/2015 annual audit reports and financial statements for both the general City audit and the compliance audit for the City’s Local Transportation Development Act Fund have been provided for your review. Staff recommends that the City Council ask, and have addressed, any questions or concerns they may have regarding the rep01is or the financial status of the City.

BACKGROUND:

State law requires that all general-purpose local governments publish a complete set of financial statements presented in conformity with generally accepted accounting principles (GAAP) and audited in accordance with generally accepted auditing standards by a firm of licensed Certified Public Accountants. Pursuant to that requirement, staff hereby submits the Annual Independent Auditor’s Report and Financial Statements for the period ending June 30, 2015.

DISCUSSION:

City Council was provided this report for review prior to its formal presentation by Mr. Bryant Jolley, CPA at tonight’s meeting.

FISCAL IMPACT:

Audit fee of $36,000 reflected on approved contract (budgeted expenditure).

ATTACHMENTS:

1. City of Livingston -Independent Auditor’s Report and Financial Statements dated June 30, 2015.

2. City of Livingston Local Transportation Development Act Fund -Independent Auditor’s Report and Financial Statements dated June 30, 2015.

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CITY OF LIVINGSTON

INDEPENDENT AUDITOR’S REPORT

AND

FINANCIAL STATEMENTS

JUNE 30, 2015

TABLE OF CONTENTS

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INDEPENDENT AUDITOR’S REPORT 1 – 2

BASIC FINANCIAL STATEMENTS:

Government-Wide Financial Statements

Statement of Net Position……3

Statement of Activities ……….4

Fund Financial Statements

Balance Sheet – Governmental Funds..5

Reconciliation of Total Governmental Fund Balance to the Statement of Net Position..6

Statement of Revenue, Expenditures and Changes in Fund Balance – Governmental Funds……………………………………………..….7

Reconciliation of Statement of Revenue, Expenditures and Changes in Fund Balance of Governmental Funds to the Statement of Activities………………………………………..….8

Statement of Net Position – Proprietary Funds…………………………………………………9

Statement of Revenue, Expenses and Changes in Fund Net Position – Proprietary Funds…………………………………………….….10

Statement of Cash Flows – Proprietary Funds……………………………………………..…11

Statement of Fiduciary Net Position -Private Purpose Trust Fund (Successor Agency to the Redevelopment Agency)…12

Statement of Changes in Fiduciary Net Position -Private Purpose Trust Fund……13

Notes to Financial Statements………….14-41

(Includes the following)

  • Note 1- Summary of Significant Accounting Policies

  • Note 2- Stewardship, Compliance and Accountability

  • Note 3- Cash and Investments

  • Note 4- Notes/Long Term Receivables

  • Note 5- Interfund Receivables and Payables

  • Note 6- Capital Assets

  • Note 7- Long Term Debt

  • Note 8- Deficit Fund Balances

  • Note 9- Interfund Transfers

  • Note 10- Deferred Outflows and Deferred Inflows of Resources

  • Note 11-  Post-Employment Health Care Benefit

  • Note 12- Pension Plan

  • Note 12- Risk Management

TABLE OF CONTENTS (Continued)

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Required Supplementary Information

  • Budgetary Comparison Schedule -General Fund….42

  • Budgetary Comparison…43

  • Schedule -Maintenance Districts Fund…..44

  • Schedule of the City’s Proportionate Share of Net Pension Liability Schedule of Contributions….45

Supplemental Only Information

  • Combining Balance Sheet -Nonmajor Governmental Funds…46

  • Combining Statement of Revenue, Expenditures and Changes in Fund Balance -Nonmajor Governmental Funds…47

  • Combining Balance Sheet -Nonmajor Special Revenue Funds…48

  • Combining Statement of Revenue, Expenditures and Changes in Fund Balance -Nonmajor Special Revenue Funds….49

  • Combining Balance Sheet -Nonmajor Capital Projects Funds…50 – 51

  • Combining Statement of Revenue, Expenditures and Changes in Fund Balance -Nonmajor Capital Projects Funds…52 – 53

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS…54 – 55

CITY OF LIVINGSTON LOCAL TRANSPORTATION DEVELOPMENT ACT FUND INDEPENDENT AUDITOR’S REPORTS And FINANCIAL STATEMENTS JUNE 30, 2015

C O N T E N T S

Independent Auditor’s Report 1

Balance Sheets – 2

Statement of Revenues, Expenditures and Changes in Fund Balance 3

Notes to Financial Statements 4-5

SUPPLEMENTAL INFORMATION

Independent Auditor’s Report on Compliance with the Transportation Development Act Based on an Audit of Financial Statements 6