1.
Council Work Session
- Meeting Date:
- 03/02/2020
- TITLE
- City of Billings FY19 Comprehensive Annual Financial Report
- Department:
- Finance
Presentation:
Yes
PROBLEM/ISSUE STATEMENT
The City of Billings' auditor, J.C.C.S of Great Falls, will present the FY19 audit of our Comprehensive Annual Financial Report.
The City received an unmodified (clean) opinion for FY19. The City did receive one finding as it relates to a Schedule of Expenditures of Federal Awards presented in the back of the document, on pages 220-225. The City Finance staff will partake in specific training related to this finding.
Pages 1-12 are a section titled "Management Discussion and Analysis". This provides a high level overview of the financial position of the City of Billings for FY19.
The net position of the City of Billings increased by $20 million if FY19. This was largely comprised of investments in capital assets which are not available for future spending. Reserve spending in the General Fund and Public Safety Fund amounted to $6.0 million in FY19 (page 18). This means the City used $6.0 million of reserves to fund operations within the General Fund and Public Safety Fund for FY19.
The City received an unmodified (clean) opinion for FY19. The City did receive one finding as it relates to a Schedule of Expenditures of Federal Awards presented in the back of the document, on pages 220-225. The City Finance staff will partake in specific training related to this finding.
Pages 1-12 are a section titled "Management Discussion and Analysis". This provides a high level overview of the financial position of the City of Billings for FY19.
The net position of the City of Billings increased by $20 million if FY19. This was largely comprised of investments in capital assets which are not available for future spending. Reserve spending in the General Fund and Public Safety Fund amounted to $6.0 million in FY19 (page 18). This means the City used $6.0 million of reserves to fund operations within the General Fund and Public Safety Fund for FY19.
RECOMMENDATION
No future action will be needed on this item.