REPORT TO COUNCIL
SUBJECT
Title
Receive and File the FY 2016/17 Comprehensive Annual Financial Report (CAFR), Sunnyvale Retiree Healthcare Plan Report, and Sunnyvale Financing Authority Financial Report
Report
REPORT IN BRIEF
This report is intended to present the City's audited Comprehensive Annual Financial Report (CAFR), Sunnyvale Retiree Healthcare Plan Report, and Sunnyvale Financing Authority Financial Report for FY 2016/17 for Council's information.
All three reports were independently audited by the firm of Macias Gini & O'Connell (MGO) who rendered unmodified opinions and found no material weaknesses during the financial audit of the City and with issuance of those reports. Receiving an unmodified opinion is the optimal result from the independent audit.
BACKGROUND
Each year, staff coordinates and facilitates completion of the annual audit with the independent auditor. For the annual audit process, staff prepares a number of audit schedules and responds to audit queries while the auditor examines the City's financial transactions and reviews records. The independent auditor conducts the audit, according to the auditing standards generally accepted in the United States of America and the Governmental Auditing Standards, issued by the Comptroller General of the United States. Along with completion of the audit, each year, staff prepares the City's Comprehensive Annual Financial Report (CAFR) and Sunnyvale Financing Authority Financial Report, which includes the auditor's opinion and audited financial statements.
EXISTING POLICY
City Charter, Section 1318, Independent Audit, requires that an independent audit be conducted of the City's financial transactions at the end of each fiscal year. A final audit and report shall be submitted by a Certified Public Accountant to the City Council.
ENVIRONMENTAL REVIEW
The action being considered does not constitute a "project" with the meaning of the California Environmental Quality Act ("CEQA") pursuant to CE...
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