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2011 Audit. Presentation from Brown Armstrong Accountancy Corporation To The City of Pasadena, California January 9, 2012. Agenda. The Audit Process Audit and Other Reports Issued Current Status Snapshot of the City’s Position and Results Questions. The Audit Process.

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Presentation Transcript
2011 audit

2011 Audit

Presentation from

Brown Armstrong Accountancy Corporation

To The City of Pasadena, California

January 9, 2012


Agenda
Agenda

  • The Audit Process

    • Audit and Other Reports Issued

    • Current Status

  • Snapshot of the City’s Position and Results

  • Questions


The audit process
The Audit Process

  • Audit and Other Reports Issued

    • Independent Auditors Report (opinion) on financial statements – unqualified (“clean”) opinion

      • Emphasis of a matter on PCDC – Supreme Court Ruling

      • All other opinions with the exception of PCAC are unqualified

    • Independent Auditor’s Report on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with Government Auditing Standards

    • Required Communication to the Audit Committee in accordance with professional standards – SAS 114

    • SAS 115 report to management


The audit process continued
The Audit Process (continued)

  • Audit and Other Reports Issued (continued)

    • Elements of the auditors’ reports on the basic financial statements

      • Our responsibility under generally accepted auditing standards and Government Auditing Standards

      • Our Opinion

      • Other information contained in the comprehensive annual financial report

        • Management's discussion and analysis (MD&A)

        • Other Required Supplementary Information other than the MD&A

        • Other Supplementary Information


Current status
Current Status

  • Nearly All Financial Deliverables in the Contract delivered

    • Open items – both 95% done

      • City Single Audit

      • Pasadena Community Access Corporation

    • Issued reports include:

      • CAFR

      • PCDC Financial and Compliance Report

      • Pasadena Water & Power Annual Report

      • AQMD Compliance Audit

      • Deferred Compensation agreed-upon procedures report

      • Appropriations Limit agreed-upon procedures report

      • Internal control letter

      • PCOC and RBOC reports


Snapshot of the city s position and results net position trend
Snapshot of the City’s Position and Results – Net Position Trend

Excludes PCOC, RBOC



Snapshot of the city s net position and results major financial items
Snapshot of the City’s Net Position and Results – Major Financial Items

  • Redevelopment Supreme Court Decision

  • Net Position continues to be positive despite fiscal adversity facing all governments

  • General Fund has a $46.6 million fund balance of which

    • $39.3 million is committed

    • $8.7 million is assigned

    • ($1.4 million unassigned deficit)

  • General Fund revenues and transfers in were $222.5 million

  • General Fund expenditures and transfers out were $229.1 million

    • Net decrease in fund balance of $6.6 million



Conclusion
Conclusion Financial Items

  • The City’s finances are cautiously positive

  • Large expenditures are forthcoming

    • Pensions and Other Post Employment Benefits

    • Debt service is growing

    • Infrastructure age and IT

  • Uncertain revenues as evidenced by RDA Supreme Court decision, federal and state budgetary woes


To the right are our offices in Pasadena, California. Please feel free to visit us at the corner of Colorado and Hudson, on the Rose Parade route which is also historical US Route 66.

790 East Colorado Boulevard, Suite 908B

Pasadena, California, 91101

Tel: 626-240-0920 (Eric)

Tel: 626-240-0898 (Connie)

Fax: 626-240-0922

Mobile: 626-375-3600 (Eric)

Mobile: 661-619-6776 (Connie)

QUESTIONS


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