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SUBMISSION AND ACKNOWLEDGING RECEIPT OF REPORTS ENTITLED "COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR FISCAL YEAR ENDED JUNE 30, 2016,"AND "THE CITY OF NORMAN SINGLE AUDIT REPORT FOR THE YEAR ENDED JUNE 30, 2016," AS PREPARED BY THE CITY OF NORMAN FINANCE DEPARTMENT AND AUDITED BY THE FIRM OF BKD, LLP, FOR THE CITY OF NORMAN, OKLAHOMA, NORMAN UTILITIES AUTHORITY, NORMAN ECONOMIC DEVELOPMENT AUTHORITY, NORMAN MUNICIPAL AUTHORITY, AND NORMAN TAX INCREMENT FINANCE AUTHORITY.
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BACKGROUND: Oklahoma Statutes, Title 11, Section 17-105 require that an external audit of the funds, assets, books, and records of the clerk and treasurer of the City be prepared and reviewed by an independent qualified accountant. The City of Norman has, since fiscal year 1988-89, prepared an audit in conformance with Generally Accepted Accounting Principles (GAAP) promulgated by the Governmental Accounting Standards Board (GASB). For the past nineteen fiscal years, the City has received the Government Finance Officers Association's Award for Excellence in Financial Reporting. The Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2016 (FYE 2016) is included here. The CAFR includes financial statements for the City of Norman, the Norman Utilities Authority (NUA), the Norman Municipal Authority (NMA), the Norman Tax Increment Finance Authority (NTIFA) and Norman Economic Development Authority (NEDA) as required by the Trust Indentures of various Trusts of which the City of Norman is the beneficiary.
Many of the federal and state grants that the City receives also require an audit report to be reviewed by independent accountants, as directed by the Federal Single Audit Act of 1984. The "Single Audit" report is also included.
On April 23, 2013, the Council accepted the proposal of BKD, LLP, (RFP 1213-69), to provide independent auditing services for the City of Norman, the Norman Municipal Authority, Norman Utilities Authority, Norman Tax Increment F...
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