11 City Council Accept the City of Livingston -Independent Auditor’s Report and Financial Statements June 30, 2014 and City of Livingston Local Transportation Development Act Fund ­ Independent Auditor’s Report and Financial Statements June 30, 2014.

Meeting Date: November 13, 2014

Agenda Item #11. City Council Accept the City of Livingston -Independent Auditor’s Report and Financial Statements June 30, 2014 and City of Livingston Local Transportation Development Act Fund ­ Independent Auditor’s Report and Financial Statements June 30, 2014.

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STAFF REPORT

AGENDA ITEM: City Council accept the City of Livingston Independent Auditor’s Report and Financial Statements June 30, 2014 and City of Livingston Local Transportation Development Act Fund -Independent Auditor’s Report and Financial Statements June 30, 2014.

MEETING DATE: November 13, 2014

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

REVIEWED BY: Jose Antonio Ramirez, City Manager

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RECOMMENDATION:

City Council accept the City of Livingston – Independent Auditor’s Report and Financial Statements dated June 30, 2014 and City of Livingston Local Transportation Development Act Fund – Independent Auditor’s Report and Financial Statements dated June 30, 2014.

Copies of the Fiscal Year 2013/2014 annual audit reports and financial statements for both the general City audit and the compliance audit for our Local Transportation Development Act Fund have been provided for your review. Staff recommends that 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, 2014.

DISCUSSION:

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

FISCAL IMPACT:

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

ATTACHMENTS:

1. City of Livingston -Independent Auditor’s Report and Financial Statements dated June 30, 2014.

2. City of Livingston Local Transportation Development Act Fund – Independent Auditor’s Report and Financial Statements dated June 30, 2014.

1. INDEPENDENT AUDITOR’S REPORT

BASIC FINANCIAL STATEMENTS

Government-Wide Financial Statements

Fund Financial Statements

City of Livingston Local Transportation Development Act Fund – Independent Auditor’s Report

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