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Item No. 8 <br />Memorandum <br />TO: City Council <br />John Godwin, City Manager <br />FROM: Gene Anderson, Finance Director <br />SUBJECT: INDEPENDENT AUDIT FOR FISCAL YEAR 2014 -15 <br />DATE: May 10, 2016 <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 -2015. There were no adverse findings and the <br />City was issued an unmodified opinion that the financial statements present fairly the City's <br />financial position in accordance with generally accepted accounting principles. <br />BUDGET: The estimated fee is $57,000 which has been provided for in the current budget. <br />RECOMMENDATION: Motion to receive the 2014 -15 comprehensive annual financial report <br />audited by McClanahan & Holmes, LLP. <br />