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iii

To The Honorable Mayor and Members of the City Council

and Citizens of the City of Raleigh, North Carolina

I

t is our pleasure to submit the Comprehensive Annual Financial Report of the City of Raleigh, North Carolina

for the fiscal year ended June 30, 2016. State law requires that all general-purpose local governments annually

publish a complete set of financial statements. The financial statements must be presented in accordance with

accounting principles generally accepted in the United States of America and audited in accordance with generally

accepted auditing standards by a firm of licensed certified public accountants. This report complies with these

requirements.

The Comprehensive Annual Financial Report consists of management’s representations concerning the finances of

the City. Consequently, management assumes full responsibility for the completeness and reliability of all of the

information presented in this report. To provide a reasonable basis for making these representations, management

of the City has established a comprehensive internal control framework that is designed both to protect City

assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the City’s

financial statements in conformity with accounting principles generally accepted in the United States of America.

The City’s comprehensive framework of internal controls has been designed to provide reasonable rather than

absolute assurance that the financial statements are free from material misstatement. As management, we assert

that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects.

The City’s financial statements have been audited by Cherry Bekaert LLP, a firm of licensed certified public

accountants. The goal of the independent audit is to provide reasonable assurance that the financial statements

of the City for the fiscal year ended June 30, 2016, are free of material misstatement. The independent auditor

concluded, based upon their audit, that the City’s financial statements for the fiscal year ended June 30, 2016 are

fairly presented in accordance with accounting principles generally accepted in the United States of America. The

independent auditor’s report is presented as the first component of the financial section of this report.

The independent audit of the financial statements of the City was part of a broader, federal and state mandated

“Single Audit” designed to meet the special needs of grantor agencies. The standards governing Single Audit

engagements require the independent auditor to report not only on the fair presentation of the financial

statements, but also on the audited government’s internal controls and compliance with legal requirements, with

special emphasis on internal controls and legal requirements involving the administration of federal and state

awards. These auditor reports are available in the Single Audit section of this report.

Accounting principles generally accepted in the United States of America require that management provide

a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of

Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A

and should be read in conjunction with it. The City’s MD&A can be found immediately following the report of the

independent auditors.

October 26, 2016

City of Raleigh

Introductory Section

222 West Hargett Street • Post Office Box 590 • Raleigh, NC 27602-0590