Title
Discuss and consider action to approve a resolution accepting the amended fiscal year 2017 audit.
Summary
The City followed routine, established procedures in working with the auditor toward completion of the independent audit of the City's 2017 financial statements.
1. On July 25, 2017, the City approved Resolution 1570-17-07-25-0436, selecting Davis, Kinard & Co, PC to perform the independent audit the City of Pflugerville for fiscal year 2017.
2. On October 25,2017, the City was notified that Davis, Kinard & Co, PC was joining the firm Eide Bailly, LLP effective December 4, 2017.
3. On January 26, 2018, the City and auditor began reviewing the City's draft financial statements for fiscal year 2017.
4. On March 8, 2018, the fiscal year 2017 financial statements and audit report were presented to the Finance and Budget (FAB) Committee by an audit partner of Eide Bailly. Following the comprehensive review of the financial statements, FAB recommended action by the City Council to accept the audit as presented. During this meeting, the audit partner stated that there were no findings or material adjustments for the fiscal year 2017 financial statements.
5. On March 27, 2018, the City Council adopted Resolution 1622-18-03-27-0503 Accepting the Fiscal Year 2017 Audit as recommended by FAB following their review.
6. On March 29, 2018, after City Council acceptance of the audit, Finance staff and the auditor completed discussions regarding a change to the financials. Council members were notified of this change. The change was related to the treatment of transactions between the City and the Pflugerville Community Development Corporation (PCDC).
a. From fiscal year 2010 to 2016, the City received reimbursements from the PCDC for annual debt payments related to certain debt issuances. These transactions were accounted for on an annual basis with the long-term arrangement between the two parties outlined in the notes to the financial statements.
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