TO: Erik Walsh, City Manager
FROM: Troy Elliott, CPA, Deputy Chief Financial Officer, Finance Department
COPIES: Audit Committee; Ben Gorzell, Jr., Chief Financial Officer
SUBJECT: Results of the Fiscal Year 2020 External Financial Audit and Presentation of Related Reports
DATE: March 16, 2021
BKD LLP completed the external financial audit of the City's financial records for fiscal year 2020 on March 8, 2021. An item has been placed on the March 16th agenda to present and discuss the results of the fiscal year 2020 external financial audit and related audit reports to members of the Audit Committee.
The City is required to engage an independent certified public accounting (CPA) firm to conduct an annual audit of the City's financial records and accounts. As a result, various reports and opinions are prepared in order to communicate the financial position of the City. A brief description of each of the reports produced during the annual audit is provided below.
On an annual basis, the City publishes a Comprehensive Annual Financial Report (Annual Report). The Annual Report reports the City's financial position, results of operations, and the liquidity of its various funds. The Annual Report is submitted to rating agencies, document repositories, bondholders, and is also available to the public. A digital copy of the Annual Report is available for viewing at https://www.sanantonio.gov/Finance/bfi/cafr.
Finance Department staff also prepares the Financial and Compliance Reports on Federal and State Grants, "Single Audit Reports". Because the City receives financial assistance in the form of federal and state grants, Single Audit Reports are required to comply with the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and the State of Texas Grant Management Standards. The Single Audit Reports are submitted to the City's respective federal and state cognizant audit agencies and the respective federal and ...
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