To: MAYOR AND CITY COUNCIL
From: STEPHANIE MEYER, FINANCE DIRECTOR
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RECEIVE AND FILE THE FINAL ANNUAL AUDITED FINANCIAL REPORTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024
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EXECUTIVE SUMMARY
The City's independent auditors, CliftonLarsonAllen, LLP (CLA), have finalized the City's annual audit of the City's fiscal activities for the Fiscal Year ended June 30, 2024. CLA presented a final draft to the Budget and Finance Commission on September 11, 2025 and to the Audit Committee on September 16, 2025. Staff presented a final draft to the City Council on the same date. At that meeting, Council requested that staff submit the final audit when completed.
This report includes the final FY 2023-24 Annual Comprehensive Financial Report (ACFR), which staff will post to the City's website and share with rating agencies and other interested entities. The final version reflects adjustments based on second reviewer comments and to fit CLA's preferred presentation of costs. It also includes Management's Discussion and Analysis (MD&A), which discusses the City's fiscal activities in detail. There are no changes to the previously presented findings or to the auditors unmodified opinion, which is the best opinion the City can receive.
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 public and Mayor and City Council of all financial and administrative activities of the previous fiscal year. The unmodified opinion 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. This is the best opinion the City can receive.
Following September presentations to the Budget and Finance Commission and Audit Committee and staff's submission t...
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