REPORT TO COUNCIL
SUBJECT
Title
Action on the City of Santa Clara Audited Annual Comprehensive Financial Report (ACFR) and Audited Silicon Valley Power (SVP) Financial Statements for Fiscal Year Ended June 30, 2022, as Recommended by the Audit Committee
Report
COUNCIL PILLARS
Enhance Community Engagement and Transparency
Promote Sustainability and Environmental Protection
BACKGROUND
On November 30, 2022, the Audit Committee took action to accept the City of Santa Clara Audited Annual Comprehensive Financial Report and Silicon Valley Power Financial Statements for Fiscal Year Ended June 30, 2022 and referred the reports to the City Council to be noted and filed at a meeting in December 2022.
The annual financial audit is a City Charter requirement per Section 1319. The ACFR 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 SVP 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.
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 Annual Comprehensive Financial Report (ACFR) for fiscal year ended June 30, 2022. The ACFR 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 ACFR also includes selected multi-year statistical information about the City. In addition, the City issued a separate, audited comparative financial stat...
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