HomeMy WebLinkAbout2004-01-13 - AGENDA REPORTS - FIN STATEMENTS CONTROLLER RPT (2)Agenda Item:
CITY OF SANTA CLARITA
AGENDA REPORT
REDEVELOPMENT AGENCY City Manager Approval:
CONSENT CALENDAR Item to be presented by: Barbara Boswell
DATE: January 13, 2004
SUBJECT: JUNE 30, 2003 COMPONENT UNIT FINANCIAL STATEMENTS
AND STATE CONTROLLER REPORT
DEPARTMENT: Administrative Services
RECOMMENDED ACTION
Receive Component Unit Financial Statements and the Redevelopment Agency State Controller
Report for fiscal year, ended June 30, 2003.
BACKGROUND
The City's independent audit firm, Diehl, Evans and Company, has completed the City's annual
audit for fiscal year, ending June 30, 2003. 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, 2003.
The Redevelopment Agency's State Controller Report is a report required by the State to report
audited financial information, as well as housing information within the Redevelopment Area to
the State Controller's Office.
APPROWED
ALTERNATIVE ACTIONS
No feasible alternative action has been identified by staff.
FISCAL IMPACT
None.
ATTACHMENTS
Component Unit Financial Statements available in the City Clerk's Reading File
State Controllers Report available in the City Clerk's Reading File