To: MAYOR AND CITY COUNCIL
From: STEPHANIE MEYER, FINANCE DIRECTOR
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APPROVE THE AUDITED ANNUAL COMPREHENSIVE FINANCIAL REPORT (ACFR) FOR THE FISCAL YEAR ENDED JUNE 30, 2025
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EXECUTIVE SUMMARY
The City’s independent auditors, CliftonLarsonAllen, LLP (CLA), have completed their annual audit of the City’s fiscal activities for the fiscal year ended June 30, 2025. The resulting reports are listed below. We are pleased to report the City received an unmodified opinion, which is the best opinion the City can receive. This means the auditor certifies that the City’s financial statements are fairly presented in all material respects and are in conformity with Generally Accepted Accounting Principles (GAAP) and Government Accounting Standards Board (GASB) requirements.
This report includes the Annual Comprehensive Financial Report (ACFR) and following documents:
The Inmate Trust Fund Financial Statement is prepared and submitted as required by the state penal code. This fund accounts for the money received by the City from the telephone company for providing pay telephone service to City jail inmates. Monies received are to be used solely for the benefit of the inmates.
The Governance Communication Letter summarizes significant changes in accounting practices required by newly applicable accounting standards, describes sensitive accounting estimates which the auditors found reasonable, lists the corrected misstatements identified during the audit, and makes other similar disclosures.
The Internal Controls Communications Letter, or Management Letter, documents levels of control deficiencies identified by the Independent External Auditors during the audit of the City’s Annual Comprehensive Financial Report. This report includes both the findings identified by the auditors as well as management's responses and enables the public to gain an understanding of the City’s financial controls.
In addition, as part of this audit cycle, the C...
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