Agenda

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Item # 5.

Work Session and Regular Meeting

Meeting Date:	03/24/2020
Department:	City Manager
Pillars:	Gold Standard in Financial Health

AGENDA CAPTION:

Present, Discuss, and Consider Action on the Acceptance of the Fiscal Year 2019 Comprehensive Annual Financial Report (CAFR).

BACKGROUND:

The Addison Town Charter requires that Town Staff prepare a Comprehensive Annual Financial Report (CAFR) that shows the status of the Town’s finances. The CAFR is required to be prepared in accordance with generally accepted accounting and financial reporting principles. The charter also requires that the Town’s financial statements be audited annually by an independent external auditing firm. The results of the independent external audit are included in the CAFR.

The Town of Addison Finance Department has prepared the Comprehensive Annual Financial Report (CAFR) for the fiscal year ended September 30, 2019. The CAFR is a report of the Town's overall financial results. The Town's financial statements have been audited by BDK, LLP, an independent firm of licensed certified public accountants. The goal of the independent audit is to provide reasonable assurance that the financial statements of the Town are free of material misstatement.

In addition to providing an overview of the Town of Addison CAFR for Fiscal Year 2019, BKD will present their audit report and opinion on the Town's financial statements.

BKD has issued an unmodified opinion, which means that financial statements are presented, in all material respects, in accordance with applicable financial reporting framework. Simply stated, an unmodified opinion is a clean opinion.

RECOMMENDATION:

Administration recommends approval.

Attachments
Draft 2019 - CAFR