10 October 2019 Financials
10 October 2019 Financials
12/2/2019 2:48:13 PM
12/2/2019 2:47:47 PM
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LLIIS1'ua<.EjR AL DRiD G E4, _L L P <br />CERTIFIED PUBLIC ACCOUNTANTS <br />200 West Main Street <br />Cabot, AR 72023 <br />(501) 843-6515 <br />Fax (501) 843-4944 <br />lndcl)endent.Accountdnt's Conpil ition Rennrt <br />City Officials and Council Members <br />City of Cabot, Arkansas <br />Management of the City of Cabot, Arkansas is responsible for the accompanying financial statements of the City, which are <br />comprised of the statement of revenues and .expenditures -budget and actual (regulatory basis) of the general fund and street <br />fund of the City of Cabot, Arkansas for the ten months ended October 31, 2019, (which are selected financial statements on two <br />funds of the City) included in the accompanying prescribed form. We have performed a compilation engagement in accordance <br />with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services <br />Committee of the AICPA. We did not audit or review the financial statements included in the accompanying prescribed form, <br />nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by <br />management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these financial <br />statements. <br />Under the regulatory basis of accounting as prescribed or permitted by Arkansas Code, revenues are recognized as soon as they <br />are both measurable and available, rather than when received, and expenditures are recorded as incurred, rather than when <br />paid. Management considers revenues to be available if they are collected within 60 days of the end of the current period. <br />However, management has informed us that accrued revenues are not included in the financial statements. Revenues are <br />reported when collected. The effect on the financial statements of this departure from the regulatory basis has not been <br />determined. <br />The City's management has elected to omit substantially all of the disclosures ordinarily included in financial statements <br />prepared on the regulatory basis of accounting. If the omitted disclosures were included in the financial statements, they might <br />influence the user's conclusions about the results of operations of the City. Accordingly, these financial statements are not <br />designed for those who are not informed about such matters. <br />The supplementary information contained in the schedule of cash and cash equivalents is presented for purposes of additional <br />analysis and is not a required part of the basic financial statements. The supplementary information has been compiled from <br />information that is the representation of the City's management. We have not audited or reviewed the supplementary <br />information and do not express an opinion, a conclusion, nor provide any assurance on such supplementary information. <br />1 16 <br />Cabot, Arkansas <br />November 14, 2019 <br />=1- <br />
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