HomeMy WebLinkAbout122-03RESOLUTION NO. 122-2003
ACCEPTING THE FISCAL YEAR 2002-03 AUDITED COMPREHENSIVE ANNUAL
FINANCIAL REPORT FOR THE TOWN OF DANVILLE
WHEREAS, the Town of Danville's independent auditor has completed its annual
examination of the Town's financial statements and has issued a draft report with an
unqualified opinion as to their accuracy; and
WHEREAS, the audited financial statements have been combined with introductory and
statistical information into the Town's Comprehensive Annual Financial Report; and
WHEREAS, the Finance Committee and the Town Council have reviewed the draft
Comprehensive Annual Financial Report; now, therefore, be it
RESOLVED, that the Danville Town Council accepts and approves the Fiscal Year 2002-03
audited Comprehensive Annual Financial Report as presented in the Draft Comprehensive
Annual Financial Report with the following changes;
· Reclassification of the Government-Wide operating grants and expenditures related
to pavement management projects for the years ending June 30, 2002 and June 30,
2003 so that grants and expenditures for these projects are reported under the
Development Services Program both years,
· Add a footnote to the Statement of Activities and Changes in Net Assets to clarify
that expenses include both operational expenses and capital maintenance expenses.
· Presentation of the Community Development Debt Service Fund and the Low and
Moderate Income Housing Debt Service Fund as Major Funds,
· Specific identification of the Land Held for Redevelopment in Notes to the Basic
Financial Statement #7,
· Change footnote #2) on the Statistical Table, "Property Value, Construction and
Bank Deposits", to show that the State Department of Finance is the source of
information for New Dwelling Units and Construction Value statistics, and; be it
further
RESOLVED, that $346,855 be designated as a reserve against the General Fund for
Unrealized Investment Gains as of June 30, 2003, and; be it further
RESOLVED, that the following amounts be designated as reserves against the General
Fund as of June 30, 2003, and appropriated as Operating Transfers during Fiscal Year 2003-
04:
· $175,000 for General Asset Replacement - Synthetic Turf
· $250,000 for Capital Improvements
· $708,305 for Civic Facilities
· $250,000 for a Finance/Accounting System
APPROVED by the Danville Town Council at a regular meeting held on November 18,
2003, by the following vote:
AYES:
NOES: None
ABSTAINED: None
ABSENT: None
Shimansky, Arnerich, Andersen, Doyle, Stepper
APPROVED AS TO FORM:
ATTEST:
CITY CLERK
PAGE 2 OF RESOLUTION NO. 122-2003