Receive and File Year End Report and Audit Summary and the Audited Financial Statements for the Fiscal Year Ending June 30 2011. MEETING DATE: AGENDA ITEM: 02/06/2012 Receive and File Year End Report and Audit Summary and the Audited Financial Statements for the Fiscal Year Ending June 30 2011. ATTACHMENTS 1. Year End Report and Audit Summary 2. Comprehensive Annual Financial Report 3. Municipal Bus Lines Report 4. Management Report and Auditor s Communication Letter 5. Independent Accountant s Report on Agreed Upon Procedures Applied to Appropriations Limit Worksheets 1 12 13 205 206 226 227 236 237 241 City of Culver City YEAR END REPORT AND AUDIT SUMMARY FOR FISCAL YEAR 2010 2011 0 1 CITY OF CULVER CITY Year End Report and Audit Summary FY 2010 11 General Fund and Other City Funds INTRODUCTION The purpose of this report is to summarize the results of the City s audited financial statements for the year ending June 30 2011 (Fiscal Year 2010 11). The City Charter requires an independent certified public accounting firm to audit the end of year financial statements. Preparation and responsibility for the financial statements rests with the City and the independent auditor expresses an opinion about the statements based on their testing and review. The firm of Moss Levy & Hartzheim LLP performed the audit of the FY 2010 11 financial statements. This was the first year of their contract with the City. In the Independent Auditor s Report included in the City s Comprehensive Annual Financial Report (CAFR) Moss Levy & Hartzheim LLP report that the City s financial statements present fairly in all material respects the financial position of the City as of June 30 2011. This report can be found on pages 1 2 of the CAFR. The CAFR includes both government wide financial statements as well as the more traditional fund level financial statements. The requirement for the government wide financial statements are a result of Governmental Accounting Standards Board (GASB) Statemen...
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