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12.
Work Session and Regular Meeting
Meeting Date: 04/26/2016  
Department: Finance  

AGENDA CAPTION:
Presentation And Acceptance Of The Fiscal Year 2015 Comprehensive Annual Financial Report.
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 CAFR for the fiscal year ended September 30, 2015.  The CAFR is a report of the Town's overall financial results. The Town's financial statements have been audited by Weaver, 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 2015, Weaver will present their audit report and opinion on the Town's financial statements.

Weaver has issued an unmodified option, 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. 

This year, we adopted the provisions of GASB 68. Statement 68 requires governments providing defined benefit pensions to recognize their long-term obligation for pension benefits as a liability for the first time. Our reportable pension liability is $18,658,835 and has been incorporated as a reduction of our Net Position in the Statement of Net Position. See Pages 19, 56, and 62 in the FY2015 CAFR.
RECOMMENDATION:
Administration recommends Council make a motion to accept the Fiscal Year 2015 CAFR.
Attachments
CAFR Report

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