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From YouTube: San Bruno City Council Meeting January 25, 2011 10b. Accept Independent Auditor's Report
Description
San Bruno City Council Meeting January 25, 2011 10b. Accept Independent Auditor's Report
A
B
Thank
You
mr.
mayor
members
of
the
City
Council
earlier
this
evening,
the
City
Council
held
a
special
study
sessions
to
review
the
annual
reports.
The
audit
reports
performed
by
our
independent
auditors
mayor
Hoffman
McCann.
These
reports
include
the
city's
comprehensive
annual
financial
report,
the
Redevelopment
Agency
financial
statements,
the
single
audit
report
and
also
the
audit
of
the
measure,
a
funds.
B
There
was
a
slight
decrease
in
the
net
assets
of
93
thousand
dollars
for
the
business
type
activities,
which
includes
our
water
wastewater
cable
operations.
There
was
an
increase
in
that
assets
of
2.7
million
dollars
and,
lastly,
for
the
city's
chief
operating
fund,
which
is
the
general
fund.
There
was
a
net
increase
in
the
unreserved
fund
balance
of
seven
hundred
ninety
thousand
dollars
that
seven
hundred
ninety
thousand
dollars
is
actually
available
for
City
Council
to
designate
as
additional
reserves
consistent
with
the
city
policy
of.
B
Setting
aside
such
reserves
not
mind
you
during
the
course
of
the
year
we
were,
we
did
use
some
reserves
in
order
to
balance
the
budget.
So
the
fact
that
the
ending
results
shows
a
positive
increase
in
unreserved
fund
balance.
It
gives
us
the
ability
to
basically
restore
some
of
those
reserves
that
were
drawn
during
the
course
of
the
year.
B
As
I
mentioned,
these
results,
the
financial
results
were
audited
by
the
independent
auditors,
and
what
that
means
is
that
this
qualify
opinion
says
that
our
financial
statements
fairly
present
the
results
of
the
city's
operations
free
of
material
misstatements.
At
this
point
in
time,
staff
is
requesting
the
City
Council
accept
the
independent
audit
reports,
including
the
capper,
and
also
a
separate
resolution
to
accept
the
Redevelopment
Agency
financial
statements.
I'm
also
I
ready
to
take
any
questions
that
the
City
Council
has
on
these
financial
reports.