REPORT TO COUNCIL
SUBJECT
Title
Action on the City of Santa Clara Audited Comprehensive Annual Financial Report (CAFR), Audited Silicon Valley Power (SVP) Financial Statements, and Audited Transportation Development Act (TDA) Financial Statements for Fiscal Year Ended June 30, 2018, as Recommended by the City Council Audit Committee
Report
BACKGROUND
The annual financial audit is a City Charter requirement per Section 1319. The CAFR presents the audited financial information of the City in accordance with Generally Accepted Accounting Principles (GAAP) applicable to governments and provides the City Council valuable information for financial oversight, as well as providing information to creditors and the residents of Santa Clara.
The separate audited annual financial report for the Electric Utility is presented to make available additional information and disclosure relevant to the electric industry. The unmodified opinions from the auditor enhance the reputation of the Utility, and its adherence to GAAP applicable to governmental entities.
The separate audited financial statements for the TDA are to report on funds distributed through the Metropolitan Transportation Commission for the construction of pedestrian pathways, wheelchair ramps, and bicycle master plan studies. The unmodified or clean opinion from the auditors means that the City is in compliance with TDA, Article 3 requirements.
DISCUSSION
The annual financial audit of the City was recently completed and the City's external auditor, Maze & Associates, issued an unmodified ("clean") opinion on the City's Comprehensive Annual Financial Report (CAFR) for fiscal year ended June 30, 2018. The CAFR includes an extensive discussion and presentation of the financial data of the City and its related agencies in accordance with GAAP applicable to governmental entities. The CAFR also includes selected multi-year statistical information about the City. In addition, the City issued a separate, audite...
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