To: MAYOR AND CITY COUNCIL
From: STEPHANIE MEYER, FINANCE DIRECTOR
TITLE
title
APPROVE THE ANNUAL AUDITED FINANCIAL REPORTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024
end
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, 2024. The resulting reports are listed below. We are pleased to report that the City received an unmodified opinion, which is the best opinion the City can receive. This means that 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.
The annual audit reports are as follows:
* Annual Comprehensive Financial Report (ACFR)
* Inmate Trust Fund Financial Report
* Audit Communication Letter
* Single Audit
The City's fiscal activities are discussed in detail in the Transmittal Letter and the Management's Discussion and Analysis (MD&A) sections of the ACFR. The attached documents do not include the MD&A, as staff anticipates providing a draft including this information as supplemental attachment to the September 16, 2025 Agenda.
The Budget and Finance Commission reviewed the draft ACFR at its September 11, 2025 meeting. At the meeting, CLA's Engagement Partner (the lead partner on the City's audit) presented audit results and responded to questions. The Commission moved to receive and file the report with no comments.
On the afternoon of September 16, 2025, CLA's representative will present the ACFR and overall audit results to the City's Audit Committee and will respond to questions.
BACKGROUND
The ACFR reflects the financial position of the City and its component units. The primary purpose of the report, as defined by the City Charter, is to inform the Mayor and City Council of all financial and administrativ...
Click here for full text