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, 2019, as Recommended by the City Council Audit Committee [Council Pillars: Enhance Community Engagement and Transparency and Sustainability]
Report
BACKGROUND
On December 9, 2019, the Audit Committee took action to accept the City of Santa Clara Audited Comprehensive Annual Financial Report, Silicon Valley Power Financial Statements, and Transportation Development Act Financial Statements for Fiscal Year Ended June 30, 2019 and referred the reports for note and file to the full Council at the January 14, 2020 Council and Authorities Concurrent meeting.
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 ...
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