HomeMy WebLinkAbout2003 03 10 Informational B FY 02 Audit, Financial Statements and Preliminary Results of Operation
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COMMISSION AGENDA
ITEM B
CONSENT
INFORMATIONAL X
PUBLIC HEARING
REGULAR
Meeting
MGR~DEPT
A llt.hori7.Mion
March 10, 2003
REQUEST: The Finance Department Wishes to Inform the City Commission About the Status of the FY
02 Audit and Financial Statement Preparation and Relay the Preliminary Results of Operations for FY 02.
PURPOSE: The purpose of this agenda item is to inform the City Commission about the status of the FY
02 audit, financial statements and preliminary results of operations.
CONSIDERATIONS:
. The City's FY 02 audit is currently underway. The City has elected to early implement GASB 34
including retroactive infrastructure. This enhancement to the City's statements will necessitate an
extension for the completion of our FY 02 audit and preparation of our FY 02 Comprehensive Annual
Financial Report. The City expects to have our audited FY 02 financial statements by April 30, 2003.
. A preliminary review of the FY 02 results of operations for the General Fund is favorable and exceeds
the projections made during the FY 03 budget process as follows.
FY02 FY02
Projected Ending Preliminary Ending
Fund Balance Fund Balance
(Per FY 03 Final Budget) (Preliminary Audit Results)
$4 049100 $4 885 400
. The increase in the actual FY 02 ending fund balance over that initially projected affects the FY 03
budgeted ending fund balance. The FY 03 budgeted fund balance increases to $4,232,000 which
exceeds the Cities fund balance policy goal of 3 months worth of operating expense as the General Fund
fund balance.
RECOMMENDATION:
None. For informational purposes only.
COMMISSION ACTION: