City of Alexandria, Virginia
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MEMORANDUM
DATE: NOVEMBER 4, 2020
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /S/
DOCKET TITLE:
TITLE
Receipt of the Fiscal Year 2020 Comprehensive Annual Financial Report (CAFR).
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ISSUE: Consideration is requested of the Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2020.
RECOMMENDATION: That City Council receive the Fiscal Year 2020 Comprehensive Annual Financial Report (Attachment).
DISCUSSION: Code of Virginia ?15.2-2511 requires all local governments to have their accounting books and records audited by an independent certified public accountant as of June 30 of each year. The Code further requires that the independent certified public accountant present a written report to the local governing body at a public session by the following December 31.
The City's Comprehensive Annual Financial Report (CAFR) for the fiscal year ended
June 30, 2020, has been completed and has been posted on the City's website at https://www.alexandriava.gov/uploadedFiles/finance/info/FY2020CAFR.pdf This report, which follows a format prescribed by the Governmental Accounting Standards Board (GASB), includes a description of the significant financial events of the fiscal year, the City's audited financial statements, and selected financial and demographic information.
The following are highlights of the report:
The City once again received a positive "clean opinion" from its independent certified public accountant, CliftonLarsonAllen, LLP, of its financial statements for the fiscal year ended
June 30, 2020. The auditors found that the City's financial statements "present fairly" the City's financial position and results of operations and that the City has complied with applicable laws and regulations related to federal grants. The CAFR includes a Management's Discussion an...
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