Fort Walton Beach Council agenda — 03-19-12--special--audit — reading text

complied with all aspects of ccolracuul hnareid statements in the event Trarno. whence. 19. We have followed all applicable laws and regulations in adapting- aPPmvmg, and amenfing budgets. 20. The fnmncial staemems include all canpanent units an well as joint ventures with an equity imcrcst. and properly disclose all other joint ventures and other related organizations. 21. The financial statements Properly classify all fonds and adiv i ties. 22. All funds that area the quantitative criteria in GASB Staternent Nos. 39 and 37 for Presentation as major are identified and pressed as such and all other funds that are presented as major arc par icuWrly important to financial statement users. 23. Components of nwr assets ( woemed in capital assets, tan of related debt restricted: nerd unrestricted) amf equity amounts arc properly classified and, if applicable, approved. 24. hnmments, derivative instmmcnta and land and other real estate held by eoeowmmis at goperly valued. 25. Provisions far uncollwible receivables have been properly identified and recorded. 26. Expenses have been appmpdady clussilled in or allocated to functions and programs in the statement of activities. and allocations hoe been made an a reasonable basis. 27. Revenues am appropriately classified in the smicoeat of activities within program revenues. geneml avenues, connibotimn to roan or permarent endnwmenns. or cmuibminns to pennarent fmb prinriP.al. 28. Interfnnd, internal. and intraemity activity and helarers bare been appropriately dmsilied and reported 29. Spna1 items arc appropriately classified and repuned. 30. Deposils and investment securities and derivative instruments are propery classified as to risk and arc 1 properly disclosed. 31. Capital msns, including inftanmcture and intangible assets, are properly capitalized mlaMad and. if applicable. depreciated. 1 32. We Iwvc appropriately disclosed the City' s policy regarding whether m bat apply restricted or unmstricted resources when an expense is incurred for purposes to which both restricted ad unrestricted net insets arc available and have determined slut nee assets were properly recognized under the policy. 1 Page 19 1 Warms AlcoAL I LC March 5, 2013 Page q 33. We acknowledge our responsibility for the required supplementary information ( RSI). Ihe RSI is measured and preserved within prescribed guidelines and the methods of measurement and presentation have not changed from those used in the prim period. We have disclosed to you any significant assumptions and interpretations underlying the measurement and presentation of the RSI. 34. With respect to the combining and individual fund statements and schedules f supph"nenmry information)' a. We acknowledge our responsibility fax presenting the supplememary infommhon in accordance with accounting principles generally accepted In the United States of America and we believe the supplementary infonnntiam, including its form and content, is fairly presented in accordance with azmunline principles generally accepted in the United States of Arnerica. The methods of measurement and prcsetumion of 0o supplementary infommnion has tom changed form those used in the prior pedud. and sse Itua di, losod to you any significant aunniptiotu nr interpretations t. derlying llte measurement and presentation of the supplementary information. Is If the suppintnenury inl'urmrvion is not presented pith the audited financial statements. we will make the audited financial statements readily available to the intended users of the supplermntary information on Inver Than the dme the issue the sufplenteatmy information and the aadihw s report thereon 35. We have evaluated the City' s ability to continue as a going concern and have indnded appropriate disclosures, as nemsmy, in the finamial statements. 36. We have evaluated and classified any subsequent events as recognized or nonwagnlzed through the tale of this letter. No events, including inaancei of noncompliance, have occurred subsequent to the balmtce sheet date and Iltmngh the date of this letter that would require adjustment to or disclosure in the aforementioned financial ztatemenrs Michael D. Reedk. City Manager Bandy LWcons. Fittmre Uiredor Page 110  O m '; v w 0 N C Y N Y W- O C Y p N m- p C C C C• X L w Ev_!0" p w E O y J C Y fpO p V1 Y o O 3 c O c O in vii m E p C ry a N L N C O- w m C J J O vii d p J O C p N w p m C w v E Y ' m O O Y •r Q 4 W d m - yp 0 O N Y u C N. N a m O O. Op ' O t+C 41 O p E U` y C m O O^ n Y C N C> N' O 0 0 0 3 E cG! m C C w N Y a O Y> c C E w v bq y m of l7 p m n o ry ' LL N m U C O. C 9O n 3 c J— w N v v a u w t0 O LL m N C ^ L 3 m Vl m m W L C m N v w C Q. 0 T m Y Qf N d tmj a C 41 t ^ ,—` y ObD U N= a E O C9 N LL u NE p C N o J m v N d U E C` E m C O. C •' N 00 0 O C T N C m N L3N O Y J K C m m T m Y d m C v m E U C U d U' Ou W O c y v 3 v a v= onm a o v v N A E o m coop v ID m °— viO- iL v* c v v v C yoj Y co U O1 C T U C '^ O u C OE O. a O O O '= O C U. N N N U! N w J O a J v h O' cu