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CITY COMMISSION AGENDA ITEM |
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Department: |
Finance |
Commission Meeting Date: September 20, 2016 |
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Staff Contact: |
Bryan Kidney, Finance Director |
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Recommendations/Options/Action Requested: |
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Accept updated 2014 Audited Financial Statements and Comprehensive Annual Financial Report (CAFR) |
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Executive Summary: |
The Comprehensive Annual Financial Report (CAFR) comprises the City of Lawrence’s financial statements and reports the financial activities and related balances at the end of the fiscal year. Accounting standards require presentation of audited financials of any component unit of the City within the City’s financial report. A component unit is an organization that the City has some level of either financial or management control over it. The City considers the Lawrence-Douglas County Housing Authority a component unit of the City.
The City was notified by the Lawrence-Douglas County Housing Authority that their audited 2014 financials were found deficient and had to be redone. The follow-up audit was completed and the City’s 2014 CAFR has been revised to reflect those changes.
The Authority is a discretely presented component unit and their updated financials have no effect on the City’s primary government financials.
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Strategic Goal Area: |
Other |
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Fiscal Impact (Amount/Source): |
There is no fiscal impact to the City |
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Attachments: |
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