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Item No. 10 <br />TO: City Council <br />John Godwin, City Manager <br />FROM: Gene Anderson, Finance Director <br />SUBJECT: INDEPENDENT AUDIT FOR FISCAL YEAR 2017-18 <br />DATE: April 5, 2019 <br />BACKGROUND: Article III Section 35 of the City Charter states that the City Council will <br />designate certified public accountants to perform an annual independent audit of the City's <br />financial records. <br />STATUS OF ISSUE: McClanahan & Holmes, LLP recently completed the audit of the City's <br />financial records for the fiscal year ending 9-30-2018. There were no adverse findings and the <br />City was issued an unqualified (clean) opinion that the financial statements present fairly the <br />City's financial position in accordance with generally accepted accounting principles. <br />BUDGET: The fee is $60,500 which has been provided for in the current budget. <br />RECOMMENDATION: Motion to receive the 2017-18 comprehensive annual financial report <br />audited by McClanahan & Holmes, LLP. <br />