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MEASURES A AND B CAFR SUPPLEMENTAL DISPLAY FOR YEAR ENDED JUNE 30, 2016
recommended action
Information item only.
Last year, the Measure A Citizens’ Advisory Committee discussed the audit procedures to be performed on uses of Measure A proceeds and requested that separate audit procedures be performed by the City. In response, the City Council’s Audit Committee recommended audit services be contracted appropriate for this general tax financial activity. To enable such an audit procedure, the City has provided a supplemental display of Measures A and B schedule of sources and uses for inclusion in the City’s Comprehensive Annual Financial Report (CAFR). Presented for review is the draft supplemental display report for the year ended June 30, 2016.
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DISCUSSION
Background
As a general sales tax, Measure A proceeds are part of the City’s General Fund. The City Charter (sections 1910 and 1911) requires the City to prepare a comprehensive annual financial statement (the CAFR) and have an annual audit of all City accounts conducted by a firm of certified public accountants. The independent annual audit includes Measure A financial activities. The ballot language and ordinance provide for the Measure A Citizen’s Advisory Committee to review and report on the uses of the proceeds.
In addition to the City’s annual independent audit, the Measure A Citizens’ Advisory Committee requested further audit services to review, in more detail, the Measure A financial activities. The City Audit Committee and Council supported this request and engaged an audit firm to conduct annual agreed upon procedures to accomplish this additional review.
Present Situation
Presented for review is the draft supplemental display report for Measures A and B Schedule of Sources and Uses for the year ended June 30, 2016.
Attachment A - Measures A and B CAFR supplemental display 06-30-16