07 - Annual Comprehensive Financial Report

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Item No. 7 TO: Mayor, Mayor Pro -Tem, and City Council Grayson Path, City Manager FROM: Gene Anderson, Finance Director SUBJECT: 2020-21 ANNUAL CONSOLIDATED FINANCIAL REPORT DATE: May 9, 2022 BACKGROUND: Section 35 of the Paris City Charter requires the City to have an independent annual financial audit. STATUS OF ISSUE: The report provided to you from McClanahan & Holmes, LLC satisfies the Section 35 requirement. The report is being provided to you as the governing body of the City. The City received the desired unmodified opinion from the auditors which reads as follows: "In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business -type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the City of Paris, Texas, as of September 30, 2021, and the respective changes in financial position and, where applicable, cash flows thereof, and the respective budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America." I have previously discussed the report with the City Manager. BUDGET: Not affected by this report. RECOMMENDATION: This is not an action item.