Agenda Item Wording:
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Receive the Annual Comprehensive Financial Report (ACFR) for the City of Visalia for the 2020-21 fiscal year.
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Deadline for Action: 1/18/2022
Submitting Department: Finance and Technology Services
Contact Name and Phone Number: Kari Williams 713-4298
Department Recommendation:
It is recommended that the City Council acknowledges receipt of the ACFR for the year ended June 30, 2021 and provide comments as appropriate.
Background Discussion:
The attached Fiscal Year (FY) 2020-21 ACFR represents the City's financial, operational, and current economic condition for the fiscal year ending June 30, 2021. The City's financial statements for this period have been audited by The PUN Group, Certified Public Accountants, the City's independent auditing firm. Their Independent Auditors Report has been incorporated into the ACFR document. This item is presented to the City Council each year for review and acknowledgement.
State law requires the City of Visalia to prepare a complete set of audited financial statements. The attached 2020-21 ACFR fulfills this requirement.
The City's Independent Auditors, The PUN Group, have audited the City's financial statements prepared by Finance staff for the fiscal year ended June 30, 2021 and have provided an unqualified (clean) opinion. An unqualified opinion concludes that the ACFR presents fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City; and the respective changes in financial position.
The ACFR is prepared annually in accordance with generally accepted accounting principles (GAAP) and reporting standards established by the national Governmental Accounting Standards Board (GASB), as verified during the independent auditor's examination. The June 30, 2021 ACFR continues to comply...
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