title
City of Gainesville Fiscal Year 2007 Audited Financial Statements, Auditors' Reports, Auditors' Management Letters and Single Audit Reports, and Management's Written Response (B)
explanation
The City's independent auditors, Davis, Monk and Company and Ernst and Young, Certified Public Accountants, issued the following reports:
1. The Basic Financial Statements, Supplemental Information and Independent Auditors' Report of the City of Gainesville, Florida for the Fiscal Year Ended September 30, 2007;
2. The Financial Statements, Supplemental Information and Independent Auditors' Report of Gainesville Regional Utilities for the Fiscal Year Ended September 30, 2007;
3. The Financial Statements and Independent Auditors' Report on the Employees' Pension Fund of the City of Gainesville, Florida for the Fiscal Year Ended September 30, 2007;
4. The Financial Statements and Independent Auditors' Report on the Consolidated Police Officers and Firefighters Retirement Plan of the City of Gainesville, Florida for the Fiscal Year Ended September 30, 2007;
5. The Financial Statements and Independent Auditors' Report on the Disability Pension Fund of the City of Gainesville, Florida for the Fiscal Year Ended September 30, 2007;
6. The Financial Statements and Independent Auditors' Report on the Other Postemployment Benefits Fund of the City of Gainesville, Florida for the Fiscal Year Ended September 30, 2007; and
7. The Independent Auditors' Management Letters and Single Audit Reports for the Fiscal Year Ended September 30, 2007.
In the opinion of the independent auditors, the financial statements referred to in items 1 and 2 above represent fairly, in all material respects, conformity with generally accepted accounting principles.
In the independent auditors' opinion, the financial statements referred to in items 3, 4, 5 and 6 above present fairly, in all material respects, the net assets available for benefits as of September 30, 2007, and the changes in net assets available for benefits for the year then ended in conformity with generally accepted accounting principles.
Item 7 relates to the financial statements from items 1 and 2. As part of the audit process the independent auditors issue "management letter comments" along with several other reports related to internal control structure; compliance with certain provisions of laws, regulations, contracts and grants, and internal control structure and certain requirements applicable to federal and state financial assistance programs.
The auditors' management letter related to General Government indicates that there were no recommendations in the current year. The auditors' management letter and internal control report over financial reporting related to Gainesville Regional Utilities include recommendations related to improvements in liability accruals and cash and other system and account reconciliations. The auditors also provide a report on the status of their prior year's recommendations. Management's written response to these comments indicates agreement with the auditors' recommendations and provides planned corrective action on each issue.
In accordance with Section 6(b) of Resolution 970187, City Auditor Responsibilities and Administrative Procedures, the City Auditor has reviewed the attached statements and reports to ensure that contractual terms have been fulfilled and transmits these reports with a recommendation for City Commission acceptance.
recommendation
The Audit, Finance and Legislative Committee recommend that the City Commission accept the subject financial statements, auditors' reports, management letters and single audit reports; and accept management's written response.