2016-0519 Regular City Commission Meeting

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Summary Minutes:Regular City Commission Meeting May 19,2016 City of Sunny Isles Beach,Florida 5B. Presentation of the City of Sunny Isles Beach Audit Report for Fiscal Year 2014/2015. Action: Finance Director Audra Curts-Whann said she and Assistant Finance Director Tiffany Neely-Jean are here tonight to introduce Cindy Calvert, from the firm of Keefe, McCullough CPA, and she is going to present our September 30, 2015 final Audit Report. We specifically just wanted to come up and say thank you to Cindy for serving the City as she has for six (6)years because this is her last presentation to the Commission as we have a new audit firm for the next year based on audit rotation and so we are going to miss her and she has done a wonderful job for us. Cindy Calvert thanked them and the Commission. Cindy Calvert said she is normally here in February or March and she wanted to explain that the lateness is due to the implementation of a new accounting pronouncement. The City had to record their share of the Florida Retirement System Pension Plan,and we had to wait until mid-April to get those numbers from the Florida Auditor General. Professional standards require that she goes over certain things. Your significant accounting policies are described in the Financial Statements, there were no new accounting policies adopted and the application of existing policies did not change except for the implementation of the GASB 68 which is Accounting and Financial Reporting for Pensions. They noted no transactions entered into by the City for which there was a lack of guidance or consensus, all significant transactions have been recognized in the Financial Statements in the proper period. Ms. Calvert said accounting estimates are an integral part of Financial Statements and you have three(3)significant estimates. Two involve pensions,one is your Net pension liability related to the Florida Retirement System, and the other one is your Net OPEB Obligation. The City obtained actuarial valuation in order to record those estimated costs and liabilities. The other estimate is the Depreciation of Capital Assets, and the City informed us that they used all relevant facts at the time of purchase to make the best judgments about the depreciation methods and estimated useful lives of Capital assets. They encountered no difficulties in dealing with Management,and had no disagreements. They did not deny them access to any individuals or documents, and they worked very hard to get us an adjusted file balance by the middle of November 2015, and there were no uncorrected misstatements noted during their audit procedure. They were able to issue an unmodified opinion which is the highest level of assurance that they can provide. The Financial Statement is presented in accordance with GAAP. They also had to perform three(3)single audits,one Federal Single Audit, which is on the Department of Justice Federal Forfeitures, and there were two (2) State Single Audits. One was from the Florida Department of Environmental Protection which was for the 174th Street Drainage and Improvements Project, and the other Single Audit was for the Florida Department of State which was for the Gateway Park Improvement area. In all of those audits they found that the City complied with the compliance requirements,and they did not identify any deficiencies in internal control that they consider to be material weaknesses. Ms. Calvert said they are aware that the City has selected new auditors for 2016 and Keefe, McCullough is very appreciative to have served the City for the past six (6) years and she feels we had a very good partnership. Mayor Scholl and the City Commission thanked Ms. Calvert for her service. 3