TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Finance Director
Julie Bondarchuk, Financial Controller
Amira Khodari, Accounting and Payroll Supervisor
SUBJECT:Title
Fiscal Year 2022-2023 Annual Comprehensive Financial Report (Finance Director Charelian).
RECEIVE AND FILE
Body
_________________________________________________________
RECOMMENDATION:
Staff recommends that the City Council receive and file this report.
FISCAL IMPLICATIONS:
There are no fiscal implications associated with the recommended action. The results of fiscal year (FY) 2022-2023 are summarized below and are included in the attached Annual Comprehensive Financial Report (ACFR).
BACKGROUND:
The City's financial policies require an annual audit performed by an external auditor. An audit is also required to obtain the Certificate of Achievement for Excellence in Financial Reporting from the Government Financial Officers Association (GFOA) and is oftentimes a requirement for grants or federal awards. This year, the annual audit consists of the interim audit (April 2023) and the final audit (September/October 2023). During these audits, the external auditors prepare audit working papers in compliance with the General Accepted Government Auditing Standards (GAGAS). These working papers document the information gathered during an audit and provide evidence that sufficient information was obtained by the auditor to support the audit opinion.
The audit results and the FY 2022-2023 ACFR financial statements were presented and discussed with the Finance Subcommittee at the December 12, 2023, meeting.
The audit firm of Lance, Soll and Lunghard (LSL) issued the City an unmodified opinion on the FY 2022-2023 financial statements, which are prepared in all material respects and complying with governmental accounting practice. The opinion is issued once auditors obtain sufficient and appropriate audit evidence to the financial sta...
Click here for full text