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6.1.E. - Page 1 <br /> REPORT <br /> To the Honorable Mayor and City Council <br /> From Audit Committee <br /> January 11 , 2016 <br /> SUBJECT <br /> Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2015 <br /> RECOMMENDATION <br /> Accept, by motion, the Fiscal Year Ended June 30, 2015 Comprehensive Annual <br /> Financial Report <br /> BACKGROUND <br /> On December 14, 2015, the Council Audit Committee met with the Finance staff and the <br /> City's independent auditors, Badawi & Associates, to review the general fund financial <br /> results for FY 2014-15 and the results of the audit. <br /> ANALYSIS <br /> The Audit Committee has reviewed and is recommending City Council acceptance of <br /> the City's Comprehensive Annual Financial Report which is attached to the <br /> accompanying staff report. This report prepared by staff summarizes the audit process <br /> and the highlights of the City's financial statements. <br /> ALTERNATIVES <br /> Not applicable. <br /> FISCAL IMPACT <br /> Not applicable. <br /> ENVIRONMENTAL REVIEW <br /> This activity is not a project under CEQA as defined in CEQA Guidelines, section <br /> 15378, because it has no potential for resulting in either a direct or foreseeable physical <br /> change in the environment. <br /> lor <br /> Ian Bain Diane Howard <br /> Audit Committee Chair/Vice Mayor Audit Committee/Council Member <br />