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<br />December 12. 2006
<br />
<br />06-539(e):
<br />
<br />"ORDINANCE TO AMEND CHAPTERS 11 AND 40 AND APPENDIX A OF THE
<br />CODE OF THE CITY OF PORTSMOUTH, VIRGINIA (2006) BY AMENDING
<br />SECTIONS 11-10, 40-22, 40-43.1, 40-43.4, 40-44.3, 40-49(g), 40-52.1 (c), 40-102, 40-
<br />106.1,40-111, 40-112, 40-112.5, 40-114 THROUGH 40-120, TABLES 40-43.1-1, 40-
<br />43.1-2, 40-43.1-3, AND 40-44-1, PERTAINING TO HOUSING USE PERMITS, AND
<br />SECTION 40-163 PERTAINING TO NON- CONFORMING USES."
<br />
<br />Ayes: Heretick, Moody, Psi mas, Randall, D. Smith, R. Smith, Holley
<br />Nays: None
<br />
<br />- City Manager's Report -
<br />
<br />06 - 567 - Adoption of a motion to accept the Comprehensive Annual Financial Report
<br />(CAFR) for the fiscal year ended June 30, 2006. Vision Principle: A Robust &
<br />Prospering Economy.
<br />
<br />Background:
<br />. The City's fiscal year begins on July 15t and ends on June 30th on an annual
<br />basis.
<br />. An annual audit of the City's financial records and financial statements is
<br />performed each fiscal year by the City's external (independent) auditors.
<br />. The City's current independent auditors are Cherry, Bekaert & Holland (CB&H).
<br />. The annual audit process for the fiscal year ended June 30, 2006 was recently
<br />completed on October 30,2006, the last date fieldwork was performed by CB&H.
<br />. The financial section of the City's CAFR for the fiscal year ended June 30, 2006
<br />contains the following information: (1) independent auditor's report (opinion), (2)
<br />management's discussion and analysis, (3) audited financial statements, (4) notes to
<br />the financial statements, (5) required and other supplementary information, (6) statistical
<br />data, and (7) compliance reports and schedules.
<br />
<br />Discussion:
<br />. The CAFR for the fiscal year ended June 30, 2006 was prepared by
<br />management, specifically the City's Department of Finance, under the direction of the
<br />CFO and supervision of the Controller.
<br />. The City's annual audit process was concluded in a timely manner and resulted
<br />in a clean audit opinion with no material or other reportable weaknesses.
<br />
<br />Financial Impact:
<br />. The City's General Fund Unreserved & Undesignated Fund Balance increased
<br />by $10,469,107.
<br />
<br />Staff Recommends:
<br />Adoption of proposed motion. Vision Principle: A Robust & Prospering Economy.
<br />
<br />Next Steps Following Council Action:
<br />. The CFO will ensure that the 2006 CAFR is distributed as required and posted
<br />on the City's website.
<br />
<br />Motion by Mr. Moody, and seconded by Mr. Heretick, to amend Item 06-567
<br />changing the wording of the item from accept to receive, and was adopted by the
<br />following vote:
<br />
<br />Ayes: Heretick, Moody, Psi mas, Randall, D. Smith, R. Smith, Holley
<br />Nays: None
<br />
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