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File #: 18-236    Version: 1 Name:
Type: Proclamation/Presentation Status: Agenda Ready
File created: 6/28/2018 In control: BOARD OF TRUSTEES MEETING
On agenda: 7/10/2018 Final action:
Title: Presentation of 2017 Audit Report and Comprehensive Annual Financial Report.
Attachments: 1. Town of Erie - CAFR - 2017, 2. End-of-Audit Communications - 2017
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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SUBJECT: Presentation of 2017 Audit Report and Comprehensive Annual Financial Report.

DEPARTMENT: Finance

PRESENTER: Steve Felten - Finance Director

FISCAL INFORMATION:
Cost as Recommended: n/a
Balance Available: n/a
Budget Line Item Number: n/a
New Appropriation Required: n/a

STAFF RECOMMENDATION: No action required - information purposes only

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, 2017, was performed by CliftonLarsonAllen (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, the financial section, the statistical section, and the compliance section.

The introductory section includes a table of contents, a letter of transmittal, and a list of town officials. The auditors' opinion, management's discussion and analysis (MD&A), financial statements, and notes to the financial statements are found in the financial section. 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 ...

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