HomeMy WebLinkAbout2002-12-10 - AGENDA REPORTS - COMP FINANCIAL RPT CAFR (2)CITY OF SANTA CLARITA
AGENDA REPORT
CONSENT CALENDAR
DATE: December 10, 2002
City Manager Approval: A&
Item to be presented by: Steve Stark
tA
SUBJECT: JUNE 30, 2002 COMPREHENSIVE ANNUAL FINANCIAL REPORT
---_—_._DEPARTMENT: Administrative Services
RECOMMENDED ACTION
Receive Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2002.
BACKGROUND
The City's independent audit firm, Diehl, Evans and Company, has completed the City's annual
audit for fiscal year ending June 30, 2002. Diehl, Evans and Company conducted the audit in
accordance with generally accepted auditing standards, whereby an audit plan was prepared
and followed to obtain reasonable assurance that the City's financial statements were free from
material misstatements. The audit included a review, on a test basis, of documents supporting
the amounts and disclosures in the financial statements. The audit also included assessing the
accounting principles used and significant estimates made by management, as well as
evaluating the overall general purpose financial statement presentation. No significant
findings were noted as a result of the audit.
Based on the audit performed, Diehl, Evans and Company issued an unqualified audit opinion
letter. This opinion reflects the best level of opinion an organization can receive on its financial
statements. This letter is identified as the "Independent Auditors' Report" in the City's
Comprehensive Annual Financial Report for FYE June 30, 2002.
ALTERNATIVE ACTION
No feasible alternative action has been identified by staff.
FISCAL IMPACT
None.
ATTACHMENTS
Auditor Opinion Letter, dated August 30, 2002
Comprehensive Annual Financial Report, Year Ended June 30, 2002 (Available in the City
Clerk's reading file.)
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®DIEHL, EVANS & COMPANY, LLP
CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANIS
ACCOUNTANCY CORPORATIONS
2121 ALTON PARKWAY, SUITE 100
IRVINE, CALIFORNIA 92606-4906
(949) 399-0600 • FAX (949) 399-0610
www.diehlevans.com August 30, 2002
INDEPENDENT AUDITORS' REPORT
The Honorable City Council of
the City of Santa Clarita, California
MICHAEL R. LUDIN, CPA
CRAIG W. STRAKER, CPA
NITIN P. PATE., CPA
ROBERT J. CALLANAN, CPA
PHILIP H. HOLTKAMP, CPA
THOMAS M. PERLOWSKI, CPA
HARVEY]. SCHROEDER. CPA
MICHAEL C. FRIEDMAN, CPA
A PROFESSIONAL CORP MEON
We have audited the accompanying general purpose financial statements of the City of Santa Clarita,
California as of and for the year ended June 30, 2002, as listed in the table of contents. These general
purpose financial statements are the responsibility of the City of Santa Clarita management. Our
responsibility is to express an opinion on these general purpose financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States
of America and the standards applicable to financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States. Those standards required that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall
general purpose financial statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion the general purpose financial statements referred to above present fairly, in all material
respects, the financial position of the City of Santa Clarita as of June 30, 2002 and the results of its
operations and the cash flows of its proprietary fund types for the year then ended in conformity with
accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated
August 30, 2002 on our consideration of the City of Santa Clarita's internal control over financial
reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and
grants. That report is an integral part of an audit performed in accordance with Government Auditing
Standards and should be read in conjunction with this report in considering the results of our audit.
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OTHER OFFICES AT: 2963 ROOSEVELT STREET 613 W. VALLEY PARKWAY, SUITE 330
CARLSBAD, CALIFORNIA 92008-2389 ESCONDIDO, CALIFORNIA 92025-2598
(760) 729-2343 • FAX (760) 729-2234 (760) 741-3141 • FAX (760) 741-9890
Our audit was performed for the purpose of forming an opinion on the general purpose financial
statements of the City of Santa Clarita taken as a whole. The accompanying combining, individual
fund and account group financial statements and schedules listed as supplemental information in the
table of contents are presented for purposes of additional analysis and are not a required part of the
general purpose financial statements. The information has been subjected to the auditing procedures
applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated in all
material respects, in relation to the general purpose financial statements taken as a whole. The
statistical information listed in the table of contents was not audited by us and, accordingly, and we do
not express an opinion thereon.
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