10 City Council Accept the City of Livingston Independent Auditor’s Report and Financial Statements Dated June 30, 2016 and City of Livingston Local Transportation Development Act Fund – Independent Auditor’s Report and Financial Statements Dated June 30, 2016.

MEETING DATE: December 06, 2016

Note from TheGardeningSnail: This post may have been created by running a PDF File through a program that converts Image to Text. My apologies for any Textual Gremlins that may have crept in. I may also have broken up the larger paragraphs to make reading easier.

STAFF REPORT

AGENDA ITEM: City Council Accept the City of Livingston Independent Auditor’s Report and Financial Statements Dated June 30, 2016 and City of Livingston Local Transportation Development Act Fund Independent Auditor’s Report and Financial Statements Dated June 30, 2016.

MEETING DATE: December 6, 2016

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

REVIEWED BY: Odi Ortiz, Interim City Manager/Eddie Duque, City Manager

RECOMMENDATION:

City Council accept the City of Livingston Independent Auditor’s Report and Financial Statements dated June 30, 2016 and City of Livingston Local Transportation Development Act Fund -Independent Auditor’s Report and Financial Statements dated June 30, 2016.

Copies of the Fiscal Year 2015/2016 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 reports 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, 2016.

DISCUSSION:

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

FISCAL IMPACT:

Audit fee of $37,000 reflected on approved contract (budgeted expenditure).

ATTACHMENTS:

1. City of Livingston -Independent Auditor’s Report and Financial Statements dated June 30, 2016.

2. City of Livingston Local Transportation Development Act Fund -Independent Auditor’s Report and Financial Statements dated June 30, 2016.

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