Marcum - Laserfiche WebLink

Home Browse Search

Marcum LLP n 450 East Las Olas Boulevard n Ninth Floor n Fort Lauderdale, Florida 33301 n Phone 954.320.8000 n Fax 954.320.8001 marcumllp.com June 30, 2021 To the Honorable Mayor, Members of the City Commission, and City Manager City of Deerfield Beach, Florida 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 Deerfield Beach, Florida (the City) as of and for the fiscal year ended September 30, 2020. We did not audit the financial statements of the Pension Trust Funds, which represents 92%, 94% and 68%, respectively, of the assets, net position/fund balance and revenues/additions of the aggregate remaining fund information. Those statements were audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included for the Pension Trust Funds is based on the reports of the other auditors. Professional standards require that we provide you with information about our responsibilities under generally accepted auditing standards, Government Auditing Standards, OMB Uniform Guidance and Chapter 10.550 Rules of the Auditor General as well as certain information related to the planned scope and timing of our audit. We have communicated such information in our letter to you dated October 16, 2020. Professional standards also require that we communicate to you the following information related to our audit. Significant Audit Findings Qualitative Aspects of Accounting Practices Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the City are described in Note 1 to the financial statements. No new accounting policies were adopted and the application of existing policies was not changed during 2020 with the exception of and as described in Note I to the financial statements, the City adopted Governmental Accounting Standards Board (GASB) Statement No. 88, Certain Disclosures on Debt, Including Borrowing and Direct Placements. We noted no transactions entered into by The City during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. 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. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. The most sensitive estimates affecting the City’s financial statements were: FOR PROPOSAL PURPOSES ONLY - DO NOT DISTRIBUTE