Minutes 12/11/2018 - Laserfiche WebLink

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December 11, 2018  In addition, per Code of Virginia Section 15.2-2511 localities shall have all their accounts and records, including all accounts and records of their constitutional officers, audited annually as of June 30 by an independent certified public accountant in accordance with the specifications furnished by the Auditor of Public Accounts. The certified public accountant shall present a detailed written report to the local governing body at a public session by the following December 31. Every locality shall contract for the performance of the annual audit not later than April 1 of each fiscal year and such contract shall incorporate the provisions of this section relating to audit specifications and report date. The report shall be preserved by the clerk of the local governing body and shall be open to public inspection at all times by any qualified voter. Discussion:  Cherry Bekaert, the independent auditor performing the City’s annual audit, has conducted an audit of the city’s accounts and records. Ms. Krista Edoff, partner with Cherry Bekaert, presented the audit update at the November 27, 2018 City Council Worksession.  As Ms. Edoff, discussed in her report, city Finance staff encountered two significant accounting challenges while preparing for the FY 2018 financial statements related to prior year capital project accounting and the new accounting standards for other post- employment benefits (OPEB).  Due to these challenges, city finance staff was unable to submit the CAFR and the Comparative Report Transmittal Form to the Auditor of Public Accounts by the th November 30 deadline.  The city’s finance department staff expects to send the Comprehensive Annual Financial Report (CAFR), the Comparative Report Transmittal Form and the notarized letter to the Auditor of Public Accounts by December 12, 2018 to complete the state requirements. The CAFR will be on the city’s website under the Finance Department’s webpage and a hard copy of the CAFR will be located in each of the city’s libraries. Financial Impact:  No Impact. Recommended Action:  Adoption of the resolution. Next Steps Following Council Action:  No steps necessary. 1. Donna Sayegh, 3104 Garland Drive, spoke in opposition to this item. Motion by Mr. Smith, and seconded by Ms. Lucas-Burke, to adopt the following resolution, and was adopted by the following vote: “RESOLUTION ACCEPTING THE FY 2018 AUDIT REPORT FOR THE CITY OF PORTSMOUTH. WHEREAS, the independent certified public accounting firm Cherry Bekaert LLP has completed its audit of the City’s accounts and records; and WHEREAS, Cherry Bekaert LLP presented the audit report to City Council at Council’s November 27, 2018 public meeting; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that it hereby accepts the FY 2018 audit report for the City of Portsmouth.” Ayes: Clark, Lucas-Burke, Moody, Psimas, Smith, Rowe Nays: None 18 - 471 - Adoption of a resolution in support of ratification by Virginia of the Equal Rights Amendment to the United States Constitution.