TITLE
Recommendation to receive and file Separately Issued Financial Statements, the Federal Single Audit, and the Auditor’s Communication with Those Charged with Governance for the Fiscal Year Ended September 30, 2012. (Citywide)
DISCUSSION
Separately Issued Financial Reports and Statements
Certain City funds, joint powers authorities, and other subsidiary entities are also required to submit audited annual financial statements under separate cover, including the Water Department and Aquarium of the Pacific Financial Statements. These separate reports are enclosed and are issued annually to meet distinct legal and financial requirements.
Federal Single Audit
Also attached is the Federal Single Audit required by the Federal Office of Management and Budget (OMB) for municipalities receiving over $500,000 annually in federal funds. The Federal Single Audit, covering 12 major programs, resulted in seven findings and $31,814 in questioned costs. No material weaknesses were identified. A finding represents any lack of compliance with OMB grant operating and/or reporting requirements. The findings are reported whether they are significant or not. A finding may also identify an amount of questioned costs that could, but are not be likely to, result in the repayment of amounts to the granting agencies. In general, this is an improvement over the audit of the previous fiscal year that resulted in two significant deficiencies, five findings, and $173,190 in questioned costs.
Findings and questioned costs were identified in the following areas:
Questioned
Area Costs .
1. Blood tests not completed within 90 days of enrollment $ 156
2. Did not obtain appraisal within required time limitation|9 10|3. Did not abate HAP within require time limitations 1,893
4. Did not submit monthly reimbursement requests|9 10|5. Did not provide Construction Management Program to Grantor|9 10|6. Final project reports were not sub...
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