HomeMy WebLinkAboutResolution No. 5125
COUNCIL RESOLUTION NO.5125
A RESOLUTION ACKNOWLEDGING THE RECEIPT OF THE
COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE CITY
OF EUGENE FOR THE FISCAL YEAR ENDED JUNE 30, 2014.
PASSED: 8:0
REJECTED:
OPPOSED:
ABSENT:
CONSIDERED:February 9, 2015
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December 30, 2014
To the City Council
City of Eugene, Oregon
We have audited the financial statements of the governmental activities, the business-type activities, each
major fund, and the aggregate remaining fund information of the City of Eugene for the year ended June
30, 2014, and have issued our report thereon dated December 12, 2014. Professional standards require
that we provide you with the following information related to our audit.
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As stated in our engagement letter dated August 15, 2014, our responsibility, as described by professional
standards, is to express opinions about whether the financial statements prepared by management with
your oversight are fairly presented, in all material respects, in conformity with the accounting principles
generally accepted in the Unites States. Our audit of the financial statements does not relieve you or
management of your responsibilities.
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We performed the audit according to the planned scope and timing previously communicated to you in our
engagement letter.
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Management is responsible for the selection and use of appropriate accounting policies. The significant
accounting policies used by the City of Eugene are described in the footnotes to the financial statements.
We noted no transactions entered into by the City during the year for which there is a lack of authoritative
guidance or consensus.
Accounting estimates are an integral part of the financial statements prepared by management and are
based on management’s knowledge and experience about past and current events and assumptions about
future events. The most significant estimate affecting the financial statements is the determination of
depreciation on capital assets. The accounting policies relating to capital assets and depreciation are
described in the footnotes to the comprehensive annual financial report.
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We encountered no significant difficulties in dealing with management in performing and completing our
audit. There were no known or likely misstatements identified during the audit.
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For purposes of this letter, professional standards define a disagreement with management as a financial
accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant
to the financial statements or the auditor’s report. We are pleased to report that no such disagreements
arose during the course of our audit.
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We have requested certain representations from management that are included in the management
representation letter dated December 12, 2014.
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In some cases, management may decide to consult with other accountants about auditing and accounting
matters, similar to obtaining a “second opinion” on certain situations. If a consultation involves application of
an accounting principle to the City’s financial statements or a determination of the type of auditor’s opinion
that may be expressed on those statements, our professional standards require the consulting accountant to
check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no
such consultations with other accountants.
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We generally discuss a variety of matters, including the application of accounting principles and auditing
standards, with management each year prior to retention as the City’s auditors. However, these discussions
occurred in the normal course of our professional relationship and our responses were not a condition to our
retention.
This information is intended solely for the use of the City Council and management of the City of Eugene
and is not intended to be and should not be used by anyone other than these specified parties.
Very truly yours,
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Attachment C
ǡ
GeneralFundEndingWorkingCapital(BudgetBasis)
GeneralFundEndingFundBalance(GAAPBasis)
GeneralFundEndingBalanceClassifications
$ 762,321
21,670,000
1,536,335