HomeMy WebLinkAbout1998-01-13; Public Improvement Corporation; 004; 1996-1997 Annual Financial Report0 / CITY OF CARLSBAu . PUBLIC IMPROVEMENT CORPORATION
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AGENDA BILL I
DEPT H y-x-
MTG. l/13/98 19964997 ANNUAL FINANCIAL REPORT CITY ATTY. Pi=
DEPT. FINANCE CITY MGR. %
RECOMMENDED ACTION:
Accept the 1996-97 City of Carlsbad Public Improvement Corporation annual report.
ITEM EXPLANATION:
Each year an independent auditor examines the City of Carlsbad Public Improvement Corporation
financial records. In fiscal year 1996-97, Conrad & Associates completed its fifth year as the
Corporation’s outside auditor. The audit process requires several months of on-site examination,
testing, and reconciliation of investments, bank statements accounting records, warrants issued,
payroll records, appropriations, fixed assets, revenues and expenditures. The end result is an opinion
on the fairness of the presentation of the financial data within the report. As in the past, this year we
received an unqualified opinion on our annual report. The report has been previously distributed to the
respective governing bodies and additional copies are on file with the City Clerk and the Finance
Department.
FISCAL IMPACT:
The financial report present the financial condition of the City of Carlsbad Public Improvement
Corporation as of June 30, 1997. The combined assets of the Corporation are $13 million. Total
revenues were $902,000 and total expenditures were $865,000, thereby increasing the fund
balance by $37,000.
EXHIBIT:
1. City of Carlsbad Public Improvement Corporation, Combined Financial Statements for fiscal
year ended June 30, 1997 on file with the City Clerk.