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this 23rd day of March 2010.
MIKE ANDERSON, MAYOR
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CITY COUNCIL MEETING
March 23, 2010
Approval of Agenda
No Backup)
Agenda Item Number:
CITY COUNCIL MEETING
March 23, 2010
Presentations
FY 2009 Annual Audit and Comprehensive Financial Report.
Synopsis: Ms. Angela Balent, O' Sullivan -Creel, will present
the FY 2009 audit; staffwill request Council' s acceptance
thereof
Agenda Item Number: 2. 1
CITY OF FORT WALTONBF4C14
Memorandum
To: Bob Mearns, City Manager
From: Brandy Wunker, Finance Director
Subject: Comprehensive Annual Financial Report —FY 2008 -09
Date: March 12, 2010
L BACKGROUND:
1. 1. Florida Statutes Chapter 218. 32( 1)( d) require each local government entity to
complete an audit report within 12 months after the end of the fiscal year.
1. 2. The City engaged the auditing firm of O' Sullivan Creel LLP to perform an
independent audit of the City' s financial records and to assist City staff with
preparation of the report.
1. 3. The published report is known as the Comprehensive Annual Financial
Report ( CAFR).
2. DISCUSSION:
2. 1. The Comprehensive Annual Financial Report ( CAFR) of the City of Fort
Walton Beach for the year ended September 30, 2009, is now complete and is
submitted herewith.
2. 2. The results of the annual audit for the year ended September 30, 2009, were
favorable. The independent auditor' s report expresses an unqualified opinion
on the City' s financial statements. Likewise, the auditor indicates no
instances of material weakness or reportable conditions.
2. 3. The auditor' s management letter ( page 133) contained one comment for
deficit
improvement regarding the Golf Fund' s cash flow deficits and
unrestricted net assets. Management' s response is as follows:
2. 3. 1. In April 2009, the City engaged O' Sullivan Creel to perform an
analysis and review of the operations as related to compliance with
departmental policies and procedures
2. 3. 2. After the review, the City made significant changes at the Golf
Course, to include updated operating policies and procedures,
restructure of management responsibilities, installation of new
management and key personnel, review of maintenance and upkeep
operations, and implementation of marketing strategies.
2. 3. 3. In addition, staff has prepared a business plan for the Golf Course that
is being implemented.
2. 3. 4. Staff is currently looking into options to refund/refinance existing
debt in an effort to decrease debt service requirements for the Fund.
2. 4. Mrs. Angela Balent and Mr. Joseph P. Henderson of O' Sullivan Creel LLP
will present the pertinent items of the CAFR at the City Council meeting on
March 23, 2010, and respond to questions Council may have at that time.
3. RECOMMENDATION
3. 1. Staff respectfully requests City Council accept, by motion, the
Comprehensive Annual Financial Report for the fiscal year ended September
30, 2009.
4. SIGNATURE BLOCK
4. 1. Submitted by:
Brandy Wunker, Finance Director bate
4.2. Reviewed for agenda: / li 2a
Mearns, City Manager Date
Docid; UAFinance\ Audit FY091Administrative\ Staff Report_Audit.doc
CITY COUNCIL MEETING
March 23, 2010
Presentations
Census 2010
Synopsis: Cam Johnson, Public Information Officer, will
provide information on the 2010 Census
Agenda Item Number: 2. 2
CITY OF FORT WALTON BEACH, FLORIDA
MEMORANDUM
TO: Robert T. Mearns, City Manager
FROM. Cam Johnson, Public