Memorandum 17-142 2016 Financial Statements Audit

Memorandum 17-142

TO:                        Mayor Zak and Homer City Council

THROUGH:       Katie Koester, City Manager

FROM:                 Elizabeth Walton, Finance Director

DATE:                   November 22, 2017

SUBJECT:          2016 Financial Statements Audit

The purpose of this memo is to provide supplemental information regarding the City of Homer’s 2016 Financial Statements Audit.

The Draft Financial Statements were presented during the Regular Meeting on October 30, 2017.  The financial statements have since been modified and are now in Final form.  The variances between the Draft and Final document are not material in nature.

In regards to the audit findings presented, all but two of them have been removed.  The two findings that remain are associated with the timeliness of reporting and its effect on the Federal Filing Schedule.  The Finance Department has developed a Corrective Action Plan to address these findings and are working diligently to have these findings removed in our next audit. 

The Final version of the 2016 Financial Statements Audit will be posted on our website and a printed official version will be made available for the public to review at their leisure.