HomeMy WebLinkAboutMemo and materials annual financial report, fy2013
Commission Memorandum
REPORT TO: Honorable Mayor and City Commission
FROM: Brian LaMeres, City Controller
Anna Rosenberry, Director of Administrative Services
(to be presented by Loran Stensland of J.C.C.S.)
SUBJECT: Comprehensive Annual Financial Report (CAFR) for Fiscal Year 2012-2013
MEETING DATE: December 19, 2013
BACKGROUND: Section 2-7-503 MCA requires that a financial report be prepared for every fiscal
year. This statute also requires a biannual audit of this report – including the accounts, financial records,
and transactions of all administrative departments of the City – by independent certified public
accountants selected by the City Commission. The City Commission and City Administration have
historically believed that an annual audit provides a higher level of financial assurance and fiscal integrity
than a biannual audit, and this intention is expressed in Section 5.09 of the City Charter. This policy,
along with the State legal reporting requirement, has been followed for fiscal year 2013, and the clean
unqualified opinion expressed by the audit firm of Junkermeir, Clark, Campanella & Stevens, PC
(J.C.C.S.) has been included in the accompanying CAFR report. At its meeting on December 11, 2013,
the City’s Audit Committee has reviewed and accepted the CAFR and the accompanying letter to
management.
RECOMMENDATION: The City Commission accepts the CAFR and accompanying reports.
FISCAL EFFECTS: A clean unqualified audit opinion on the City’s financial statements is
viewed favorably by investment analysts and strengthens the City’s ability to issue bonds or other debt at a lower interest cost.
ALTERNATIVES: As suggested by the City Commission.
Attachments: 1. CAFR Comprehensive Annual Financial Report - posted
online at: http://www.bozeman.net/Business/Budgets-and-Financials 2. Auditor’s Letter to Management
3. Building Inspection Codes Agreed-Upon Procedures Report
Report compiled on December 13, 2013