Columbus Consolidated Government
Council Memorandum
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TO: Mayor and Councilors
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Date: 1/29/2002 12:00:00 AM
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TO: Mayor and Councilors
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Date:
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Created:
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6/17/2008 9:48:00 AM
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THRU: Isaiah Hugley, City Manager
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FROM: Kay Love, Finance Director
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Subject: Comprehensive Annual Financial Report for year ending June 30, 2001
No attachments for this document.
Enclosed are copies of the comprehensive annual financial report and management letter from the auditor for the fiscal year ending June 30, 2001.
The financial report has received an unqualified opinion from our external auditor, Albright & Fortenberry. We have submitted the report to the GFOA for consideration in their certification program for excellence in financial reporting, and we expect to receive this designation for the twelfth consecutive year.
The financial report shows that we were successful in the 2001 fiscal year in our continuing efforts to manage City assets so as to maintain our good financial condition. I encourage you to read the Introductory Section, which includes narrative, tabular and graphic summaries of our fiscal condition.
The management letter prepared by Albright & Fortenberry is intended to report on deviations from established internal controls which are discovered during the course of the audit. The FY01 management letter identifies two such items, which did not materially affect our financial condition or our presentation of the statements.
Item one in the management letter states that the auditor's test work indicated that the applications for HOME program loans were not being screened with regard to self-imposed limits for maximum property value. Management has established a limit, which is below the federal mandated limit; however, loans were issued for properties, which were in excess of the self-imposed limit, but not the federal limits. An internal review of the HOME program is underway to ensure that we adhere to the established guidelines in all instances.
Item two in the management letter states that the auditor's test work indicated transactions that were unrecorded during the year in the perpetual gasoline inventory account and that significant adjustments were made at year end to the parts and supplies inventories in Fleet Management and METRA. Staff from Finance, Internal Audit, Fleet Management, and METRA have met and developed a plan to reconcile the inventories on a monthly basis to determine how discrepancies are occurring and to remedy them prior to fiscal year-end.
Preparation of the City's financial statements and comprehensive annual financial report is a labor intensive, difficult process requiring effort by many people. The quality CAFR that was produced is a result of the diligence and on going commitment to quality of Jody Davis, the Accounting Division Manager, and her staff. Preparation of the report internally continues to be unusual among Georgia local governments, most of which pay their auditors to prepare the CAFR. That we are able to avoid this cost is a testament to the professionalism and dedication of staff.
Enc.