HomeMy WebLinkAboutMemo - Mail Packet - 7/27/2021 - Memorandum From Blaine Dunn And Kelley Vodden Re: 2020 Comprehensive Annual Financial ReportHonorable Mayor and Members
of City Council and City Manager
City of Fort Collins
Fort Collins, Colorado
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, the discretely presented component unit, each major fund and the aggregate remaining fund
information of the City of Fort Collins, Colorado (the City), as of and for the year ended December 31,
financial statements as listed in the table of contents.
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Our responsibility is to express opinions on these financial statements based on our audit. We conducted
our audit in accordance with auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers
and fair presentation of the financial statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the eff
internal control. Accordingly, we express no such opinion. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of significant accounting estimates
made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
Honorable Mayor and Members
of City Council and City Manager
City of Fort Collins
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, the discretely
presented component unit, each major fund and the aggregate remaining fund information of the City of
Fort Collins, as of December 31, 2020, and the respective changes in financial position and, where
applicable, cash flows thereof and the respective budgetary comparisons for the General Fund
(Consolidated), the Keep Fort Collins Great Fund, and the Urban Renewal Authority (Consolidated) Fund
for the year then ended in accordance with accounting principles generally accepted in the United States
of America.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United
discussion and analysis, the modified approach for City streets infrastructure capital assets and pension
and other postemployment benefits information as listed in the table of contents be presented to
supplement the basic financial statements. Such information, although not a part of the basic financial
statements, is required by the Governmental Accounting Standards Board, who considers it to be an
essential part of financial reporting for placing the basic financial statements in an appropriate
operational, economic or historical context. We have applied certain limited procedures to the required
supplementary information in accordance with auditing standards generally accepted in the United States
of America, which consisted of inquiries of management about the methods of preparing the information
and comparing the information for esponses to our inquiries, the basic
financial statements and other knowledge we obtained during our audit of the basic financial statements.
We do not express an opinion or provide any assurance on the information because the limited procedures
do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
The combining and individual fund statements and
schedules, and other schedules, and the introductory and statistical sections as listed in the table of
contents are presented for purposes of additional analysis and are not a required part of the basic financial
statements.
The combining and individual fund statements and schedules and other schedules as listed in the table of
contents, are the responsibility of management and were derived from and relate directly to the underlying
accounting and other records used to prepare the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial statements and certain
additional procedures, including comparing and reconciling such information directly to the underlying
accounting and other records used to prepare the basic financial statements or to the basic financial
statements themselves, and other additional procedures in accordance with auditing standards generally
accepted in the United States of America. In our opinion, the information is fairly stated, in all material
respects, in relation to the basic financial statements as a whole.
Honorable Mayor and Members
of City Council and City Manager
City of Fort Collins
The introductory and statistical sections have not been subjected to the auditing procedures applied in the
audit of the basic financial statements, and accordingly, we do not express an opinion or provide any
assurance on them.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we also have issued our report dated June 25, 2021,
l over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters.
The purpose of that report is solely to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness
an audit performed in accordance with Government Auditing Standards
control over financial reporting and compliance.
Denver, Colorado
June 25, 2021