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FY18 Financial and Economic Update.
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Staff:
Department:
Amy Oland, Director
Business Management Department
Overview: The Town's Comprehensive Annual Financial Report (CAFR) for the period ended June 30, 2018 has been distributed to and is available on the Town's website. Among other things, the CAFR is a record of the Town's financial performance for that fiscal year and a snapshot of the Town's fiscal condition as of June 30, 2018. The information in the Town's CAFR provides important indicators of the Town's financial health that are used by a variety of outside stakeholders, including investors, bond rating agencies, state and federal agencies.
Recommendation:
That the Council receive this report on the Town's CAFR for FY18 and financial update presentation.
FY2017-18 CAFR
As in previous years, the Town has received an unqualified or "clean" opinion from the independent auditors attesting to the fact that the Town's financial statements fairly represent the Town's financial condition in all material respects. In addition, no reportable conditions or material weaknesses were reported in the Single Audit Section for the period.
The CAFR Document
The CAFR has four major sections, each with a specific purpose as described below:
1. Introduction Section: This section contains the transmittal letter from the Manager and the Finance Officer, the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting, Organizational Chart and a list of the members of the governing body.
2. Financial Section
a. Auditor's opinion on the Town's Financial Statements
b. Manager's Discussion and Analysis (MD&A): Includes a discussion of the structure of the Town's Financial Statements, highlights and analysis of the various Town funds
c. Government Wide-Statements: These statements aggregate the activities, assets and liabilities of all funds and show enterprise-wide financial position and results
d. Fund Financ...
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