SUBJECT: GENERAL BUSINESS
Title
Presentation of the 2019 Audit Report and Comprehensive Annual Financial Report.
Body
DEPARTMENT: Finance
PRESENTER: Steve Felten, Finance Director
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 (CAFR) is the Town's official annual financial report. The audit of the financial statements for the year ended December 31, 2019, was performed by CliftonLarsonAllen LLP (CLA). The Town received a favorable report (i.e., an unmodified opinion). A copy of the Town's CAFR is attached.
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 CAFR consists of four sections, as follows:
* The introductory section includes a table of contents, a letter of transmittal, 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 trends, revenue and debt capacity, demographic and economic data, and operating information.
* The compliance section consists of required disclosures related to certain outstanding bonds and the Local Highway Finance Report.
The CAFR is prepared in accordance with generally accep...
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