Lakeport Council to review Fiscal Year report for 2019-2020
LAKEPORT >> The Lakeport City Council during its virtual zoom meeting tonight will receive and file the city’s comprehensive fiscal annual report for Fiscal Year 2019-2020, as well as receive an informational report from the Public Works department detailing a brief overview of some of the methods and systems used to manage the city roadways, among other items according to city staff reports.
According to staff, the CFAR is the official, audited financial report of the City and includes the audit report from the City’s external, independent auditor. The document was issued on Feb. 5, 2020 and is posted on the city’s website for the public to review.
As required by California Government Code sections 25250 and 25253, financial statements are prepared by the city and audited by independent auditors. The city selects its independent auditor through a competitive procurement process. The city’s current independent auditor is Joe Arch CPA, Inc.
The main body of the CAFR includes but is not limited to:
• The Independent Auditors’ Report — the City’s report card on the content of the CAFR
• Management’s Discussion and Analysis (MD&A) — provides an analytical overview of the City’s financial status and results for the year
• Basic Financial Statements — reports finances at a point in time (assets — liabilities) and throughout the year (revenues — expenditures), and cash flows
• City-Wide Statements — overview of financial information including all of the City’s operations by financial activity
• Fund Financial Statements — a detailed look at funds, reporting the Balance Sheet and Statement of Revenues, Expenditures and Changes in Fund Balance
• Notes to the Financial Statements (Notes) — a narrative explanation that accompanies the Basic Financial Statements
The report also contains a statistical section which details current a historical data (up to 10 years) including financial trends, revenue and debt capacity information, demographic and economic information, among other relevant data.
The city’s CAFR for FY 2019-20 has received an unmodified opinion by JJACPA. An unmodified opinion typically means that the financial statements are fairly presented and that the information used in the report is reliable. In their written communications
to City Council, the auditors noted that they encountered no significant difficulties with management in performing or completing the audit. A statement on auditing standards (reviewed by council) establishes standards for the auditors’ communication with those charged with governance.
Also on the City Council’s agenda for tonight is a non-action item providing a basic overview of city roads and the methods used to manage them by the Public Works director, and an update by Nicholas Walker, finance director, in regards to AB 1600. According to staff reports, this legislation requires the City to produce an annual report on the status of each separate account or fund established for development impact fees. Every fifth year the city also is required to make certain findings with respect to the monies collected for development impact of these fees. The Five year report must show what has been done with the fees that have been collected.
The city currently collects three different types of impact fees which are described in the report: a storm drainage fee, a water expansion fee and a sewer expansion fee.
Lakeport City Council meetings are held on the first and third Tuesday of each month. Regular Council meetings normally begin at 6 p.m. in the City Council Chamber, 225 Park Street and the public is invited to attend all Council meetings. During the COVID-19 pandemic however, these meetings are restricted to a digital platform. can access the Zoom meeting remotely: Join from a PC, Mac, iPad, iPhone or Android device: Please click this URL to join. https://zoom.us/j/97 368201787?pwd=a2NvVn N6MEFjQ 2Exc2pTZkpId U1sQT09 using passcode: 477973. Residents may also join by phone or watch the meeting via a video streamed on the city’s website at cityoflakeport.com/ city_council/index.php.