07-22-08 Item 2etaiti
CITY OF SOUTH MIAMI
INTER - OFFICE MEMORANDUM
To: Honorable Mayor Horace G. Feliu
Vice Mayor Brian D. Beasley
Commissioner Randy G. Wiscombe
Commissioner Velma Palmer
Commissioner Jay Beckman
From: W. Ajibola Balogun
City Manager
Copy: Matilde G. Menendez, Finance Director
Maria M. Menendez, City Clerk
Date: July 2, 2008
Re: Presentation of Financial Audit
for Fiscal Year Ended September 30,
2007
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Attached is the Final Audited Financial Statement (Comprehensive Annual Financial Report) for
the Fiscal Year ended September 30, 2007.
We have asked our auditors to attend the next City Commission meeting (July 22, 2008) to
address any questions regarding the report.
Should you have any questions or comments, please do not hesitate to contact me.
END OF MEMORANDUM
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JUL 0 3 2008
LCITY CLERK'S OFFICE
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R0DRIGLIEZ,J-RUEBA & CO. PA
CERTIFIED PUBLIC ACCOUNTANTS
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
Honorable Mayor, City Council and City Manager
City of South Miami, Florida
We have audited the accompanying financial statements of the governmental activities, each
major fund, and the aggregate remaining fund information of the City of South Miami,
Florida (the "City "), as of and for the year ended September 30, 2007, which collectively
comprise the City's basic financial statements as listed in the table of contents. These
financial statements are the responsibility of the City's management. 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 of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the respective financial position of the governmental activities, each major fund and
the aggregate remaining fund information of the City of South Miami, Florida, as of
September 30, 2007, and the respective changes in financial position thereof for the year then
ended in conformity with accounting principles generally accepted in the United States of
America.
In accordance with Government Auditing Standards, we have also issued a report dated May
23, 2008 on our consideration of the City's internal control over financial reporting and our
tests of its compliance with certain provisions of laws, regulations, contracts, and grant
agreements, and other matters. The purpose of that report is 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 internal control over financial reporting on our
compliance. That report is an integral part of an audit performed in accordance with
Government Auditing Standards and should be considered in assessing the results of our
audit.
Doral Office: 1985 NW 880, Court, Suite 102, Doral, FL 33172 • Phone: 305 - 593 -2644 • Fax: 305 - 539-0390
Miami -Lakes Office: 8040 SW 1550, St, Suite 206, Miami Lakes, FL 33016 • Phone: 305 - 779.1120 • Fax: 305 - 779 -1121
www.rtecoa.com
Member of the American Institute of Cerfified Public Accountants , Member of the Florida Institute of Certified Public Accountants
Honorable Mayor, City Council and City Manager
City of South Miami, Florida
The management's discussion and analysis on pages 3 through 12, the schedules of funding
progress and employee contributions— Retirement System, on pages 49 -50 and the budgetary
comparison information for the general fund, and the South Miami Community
Redevelopment Agency Fund on pages 45. through 48 are not a required part of the basic
financial statements but are supplementary information required by the accounting principles
generally accepted in the United States of America. We have applied certain limited
procedures, which consisted principally of inquiries of management regarding the methods of
measurement and presentation of the required supplementary information. However, we did
not audit the information and express no opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City's basic financial statements. The introductory section, the
combining and individual nonmajor fund financial statements, and schedules and the
statistical section are presented for purposes of additional analysis and are not a required part
of the basic financial statements. The combining and individual fund financial statements and
schedules have been subjected to the auditing procedures applied by us in the audit of the
basic financial statements and, in our opinion, based on our audit, are fairly stated in all
material respects in relation to the basic financial statements taken as a whole.
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 express no opinion
on them.
Doral, Florida
May 23, 2008
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