To: MAYOR AND CITY COUNCIL
From: WENDY COLLAZO, FINANCE DIRECTOR
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APPROVE THE ANNUAL AUDITED FINANCIAL REPORTS FOR THE FISCAL YEAR ENDED JUNE 30, 2023
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EXECUTIVE SUMMARY
The City's independent auditors, Lance, Soll and Lunghard, LLP, have completed their annual audit of the City's fiscal activities for the Fiscal Year ended June 30, 2023. 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 believes 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
The Single Audit report, which is not included, will follow and is on track to be completed prior to the U.S. Office of Management and Budget (OMB) deadline of March 31, 2024. The City's fiscal activities are discussed at length in the Letter of Transmittal and the Management's Discussion and Analysis (MD&A) sections of the ACFR.
On December 19, 2023, the City Council approved assignments of General Fund balance, which are included in the ACFR. The draft ACFR and corresponding financial statements were presented to the City's Budget and Finance Commission on February 16, 2024. An audit firm representative attended the meeting to review the materials with the Commission and respond to questions. On the afternoon of March 12, 2024, the ACFR and the related reports will be discussed with the City's Audit Committee. The audit firm's representative will present the findings to the Committee and will be available for any questions. The Audit Committee meeting was originally scheduled for the prior week.
BACKGROUND
The ACFR is a comprehensiv...
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