To: AUDIT COMMITTEE
From: STEPHANIE MEYER, FINANCE DIRECTOR
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DISCUSSION AND POSSIBLE ACTION REGARDING THE ANNUAL 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 completed their annual audit of the City's fiscal activities for the fiscal year ended June 30, 2024. A CLA representative will present audit results to the members of the Audit Committee. The report includes a draft of the Annual Comprehensive Financial Report (ACFR) for the Audit Committee's review and discussion, with additional reports anticipated as supplemental material prior to the meeting. Staff will also present the ACFR and additional listed reports to the City Council at the September 16, 2025 meeting.
* Annual Comprehensive Financial Report (ACFR)
* Inmate Trust Fund Financial Statement
* Audit Communication Letter
The City's Single Audit Report for FY 2023-24 is also part of annual audit reports. This is in process, with estimated completion at the end of the month.
The CLA Engagement Partner (lead for the City's audit) presented the draft ACFR report at the Budget and Finance Commission meeting on September 11, 2025 and responded to questions. The Commission moved to receive and file with no additional comments.
Staff will subsequently submit the ACFR to the Government Finance Officers Association (GFOA) for consideration in the Excellence in Financial Reporting program along with a request for extension of review based on the extraordinary circumstances contributing to the delay in finalizing the report: the introduction of a new audit firm and significant staff turnover.
BACKGROUND
The FY 2023-24 financial reports are briefly described below:
The ACFR is a comprehensive document reflecting the financial position of the City and its component units for the prior fiscal year. The primary purpose of this report, as defined by the City Charter, is to inform ...
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