Item Coversheet

AGENDA DATE:March 14, 2017
Motion to Accept the Fiscal Year 2015-2016 Comprehensive Annual Financial Report (CAFR).

Eric Cannon, Chief Financial Officer
Tru Nguyen, Senior Accountant II

On March 9, 2017, Sara Dempsey, Partner, from the Weaver and Tidwell Audit Firm met with the Finance/Audit Committee, the City Manager, and Finance staff involved with the audit to discuss the audit findings and the financial reports. The Finance/Audit Committee consists of Councilmembers Robin Sedlacek, Kurt Kizer, and Baine Brooks.
Motion to Accept the Fiscal Year 2015-2016 Comprehensive Annual Financial Report (CAFR).


An annual independent audit of the City's funds and account groups is required by Section 2.20 of the City of Allen Charter. Upon completion of the audit, the Comprehensive Annual Financial Report (CAFR) covering the 2016 fiscal year ending September 30, 2016, was prepared.

When federal or state funds received by the City are more than the newly established $750,000 threshold, a separate audit is required to determine the City's compliance with requirements of laws, regulations, contracts and grants applicable to federal and state programs. In FY2015-2016, the City did not exceed the $750,000 threshold. Therefore, a report on federal and state financial assistance is not required.

The City received an unmodified opinion or "clean audit" from Weaver and Tidwell, L.L.P. (Weaver) that the financial statements present fairly, in all material respects, the financial position of the City.

In addition to the audit report, the audit firm also prepares a Report on Internal Control over Financial Reporting to bring attention to certain matters involving accounting control structure or other operational matters found during the audit. For the ninth consecutive year, there were no reportable items.

The CAFR is now being submitted to the City Council for formal acceptance. A representative of Weaver will be in attendance at the Council meeting to make a presentation to the City Council concerning the audit and CAFR.

The City will again submit the CAFR to the Government Finance Officers Association to determine eligibility for a Certificate of Achievement for Excellence in Financial Reporting.

The CAFR will be posted to the City website and also will be available for review in the Allen Public Library and in the Finance Department of City Hall.


Staff recommends acceptance of the 2015-2016 Comprehensive Annual Financial Report.


I make a motion to accept the 2015-2016 Comprehensive Annual Financial Report.