SUBJECT: GENERAL BUSINESS
Title
Presentation of the 2020 Audit Report and Comprehensive Annual Financial Report
Body
DEPARTMENT: Finance
PRESENTER: Stefanie Furman, Interim Finance Director & Accounting Manager
Allison Slife, Partner, CliftonLarsonAllen LLP
TIME ESTIMATE: 20 minutes
only required for non-consent items
STAFF RECOMMENDATION:
Recommendation
No action required - information purposes only.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Comprehensive Annual Financial Report (Annual Report) is the Town's official annual financial report. The audit of the financial statements for the year ended December 31, 2020, was performed by CliftonLarsonAllen LLP (CLA). The Town received a favorable report (i.e., an unmodified opinion). A copy of the Town's Annual Report is attached. Also attached is the GFOA Policy Statement issued in March 2021 regarding the use of the popular four-letter acronym often associated with the Comprehensive Annual Financial Report.
Following is a brief commentary on the annual audit report. Representatives from CLA will also provide comments on the audit and internal control findings at the Board meeting and will be available for questions.
Comprehensive Annual Financial Report Summary:
The Annual Report consists of four sections, as follows:
* The introductory section includes a table of contents, a letter of transmittal, the GFOA Certificate of Achievement, and a list of Town officials.
* The financial section includes the auditors' opinion, management's discussion and analysis (MD&A), financial statements, and notes to the financial statements. Also included in this section are schedules for those funds considered nonmajor (as defined by accounting standards), combining schedules, and budget variance schedules for the various funds.
* The statistical section includes required and optional statistical tables containing various types of information related to the Town's financial tre...
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