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ACCEPTANCE OF AUDITED FINANCIAL STATEMENTS FOR FISCAL YEAR ENDED JUNE 30, 2014
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RECOMMENDED ACTION
Recommended Action
Council accept the report.
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SUMMARY
Presented for City Council information and acceptance are the Audited Financial Statements for the fiscal year ended June 30, 2014, as prepared by the independent audit firm of Lance Soll & Lunghard LLP. The audit report submitted for the City has received an unqualified (clean) opinion from the independent audit firm.
ENVIRONMENTAL REVIEW
The Development Services Director has reviewed the proposed activity for compliance with the California Environmental Quality Act (CEQA) and has determined that the requested action is not a "Project" as defined under Section 15378(b)(4) of the State CEQA Guidelines because it is only the consideration and acceptance of the audited financial statements for the fiscal year that ended June 30, 2014; therefore, pursuant to Section 15060(c)(3) of the State CEQA Guidelines no environmental review is necessary.
BOARD/COMMISSION RECOMMENDATION
Not applicable.
DISCUSSION
Pursuant to the City Charter Section 1017, an annual audit is performed of the City's financial records by an independent accounting firm. The report is included as an attachment. The firm of Lance Soll & Lunghard LLP has examined the general purpose financial statements of the City of Chula Vista and has issued their opinion that those statements present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City as of June 30, 2014 and the respective changes in financial position, and where applicable, cash flows thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America.
The unassigned fund balance for the City's General Fund totaled $14.3 million as of June 3...
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