Title
The General Purpose Financial Statements, Supplemental Information and Independent Auditors' Report of the City of Gainesville, Florida for Fiscal Year Ended September 30, 2001; Financial Statements and Independent Auditors' Report on the Employees' Pension Fund of the City of Gainesville, Florida for Fiscal Year Ended September 30, 2001; Financial Statements and Independent Auditors' Report on the Consolidated Police Officers and Firefighters Retirement Plan of the City of Gainesville, Florida for Fiscal Year Ended September 30, 2001; the Auditors' Management Letter and Single Audit Reports for Fiscal Year Ended September 30, 2001; and Management's written response (B)
Explanation
The City's independent auditors, Davis, Monk and Company and Ernst and Young LLP, Certified Public Accountants, issued the following reports:
1. The General Purpose Financial Statements, Supplemental Information and Independent Auditors' Report of the City of Gainesville, Florida for Fiscal Year Ended September 30, 2001;
2. The Financial Statements and Independent Auditors' Report on the Employees' Pension Fund of the City of Gainesville, Florida for Fiscal Year Ended September 30, 2001;
3. The Financial Statements and Independent Auditors' Report on the Consolidated Police Officers and Firefighters Retirement Plan of the City of Gainesville, Florida for Fiscal Year Ended September 30, 2001; and
4. The Independent Auditors' Management Letter and Single Audit Reports for Fiscal Year Ended September 30, 2001.
In the independent auditors opinion, the general purpose financial statements referred to in Item 1 present fairly, in all material respects, the financial position of the City as of September 30, 2001, and the results of its operations and the cash flows of its proprietary fund types for the year then ended in conformity with generally accepted accounting principles.
In the independent auditors' opinion, the financial statements referred to in Items 2 and 3 present fairly, in all material respects, the net assets held in trust for pension benefits as of September 30, 2001, and the changes in net assets held in trust for pension benefits for the year then ended in conformity with generally accepted accounting principles.
Item 4 relates to the general purpose financial statements (Item 1). As part of the audit process, the independent auditors issue "management letter" comments along with several other reports on compliance and internal control relative to financial reporting and federal and state financial assistance programs. The independent auditors' report includes one finding regarding internal controls over financial reporting in General Government and several comments related to internal control, financial reporting and information systems in GRU. Management's written response to these comments is included for your review and acceptance. The Rules of the Auditor General stipulate that independent auditors should review the status of prior-audit findings. There were two findings or reportable conditions in connection with the September 30, 2000 financial statement audit and both have been resolved.
In accordance with Section 6(b) of City Commission Resolution 970187, we have reviewed the attached statements and reports to ensure that contractual terms have been fulfilled and transmit these reports with our recommendation for City Commission acceptance.
Recommendation
The Audit and Finance Committee recommends that the City Commission receive and accept:
a) the subject financial statements and audit reports;
b) the Independent Auditors' Management Letter and Single Audit Reports; and
c) Management's written response.