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March 4, 2010: City’s annual financial report receives top marks from external auditors

At the March 2 Commission Meeting, Brett Friedman, CPA of McGladrey & Pullen, the City’s external auditors, reported on the firm’s audit of the City’s Comprehensive Annual Financial Report (CAFR) for the year ended September 30, 2009.

“The best possible opinion you can receive from us is an unqualified opinion, and you did receive an unqualified opinion with regard to your report,” Friedman said.

The City’s annual CAFR captures the organization’s financial position and activities as required by local ordinances and State statutes, but it also provides an informative narrative of City operations. Friedman listed numerous areas in which the CAFR demonstrated the City’s fiscal responsibility and transparency of accounting practices. These included the auditors’ findings of no significant or unusual accounting transactions; no findings contrary to Generally Accepted Accounting Principles (GAAP); no significant audit adjustments or uncorrected misstatements; and no disagreement with management over application of accounting principles.

In addition, the auditors did not identify any deficiencies in the City’s internal controls over financial reporting that would result in more than a remote likelihood that a material misstatement of the financial statements would not be prevented or detected.

“The audit findings demonstrate that the City respects the trust our residents place in us to manage the dollars they provide in the most responsible manner. Particularly in the current economic climate, credibility is the most precious currency, and a clean audit from an independent firm that showcases the City’s fiscal discipline is one more way we honor our promises to the community,” City Manager Mike Levinson said.

The audit findings continue to validate the City’s business model, which matches its willingness to preserve service levels in the community with the ability to focus on long-term financial success. The Coral Springs way of doing business has long been recognized by Wall Street. When major credit rating agency Fitch Ratings recently reevaluated the City’s financial condition and awarded Coral Springs the highest possible rating, AAA with a Stable Outlook, Fitch noted that “the City’s financial profile remains strong. Financial operations are very well-managed.”

“On the integrity with which you operate this City, which is certainly reflected in this unqualified and clean audit, congratulations and thank you,” Vice Mayor Claudette Bruck said to City Management at the meeting.

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