TO: Honorable Mayor and Members of the City Council
THRU: Tom Kisela, City Manager
FROM: Trang Nguyen, Finance Director
1. SUBJECT
title
Annual Comprehensive Financial Report and Related Financial Reports for the Fiscal Year ended June 30, 2023.
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2. SUMMARY
Financial Reports and Statements provided by Lance, Soll, Lunghard, LLP, independent auditors, as a result of the annual financial audit for the fiscal year ended June 30, 2023.
3. RECOMMENDED ACTION
recommendation
Receive and file the following documents for the fiscal year ended June 30, 2023:
1. Annual Comprehensive Financial Report
2. Audit Communication Letter
3. Independent Accountants' Report on Agreed-Upon Procedures Applied to the Appropriations Limit Worksheets
4. Independent Accountants' Report on Agreed-Upon Procedures Applied to the Investment Portfolio
5. Air Pollution Reduction Fund Financial Statements and Independent Auditors' Report
6. Independent Auditors' Report on Internal Control Over Financial Reporting
7. Housing Successor Fund Financial Statements
8. Single Audit of Federally Assisted Grant Programs
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4. FISCAL IMPACT
None.
5. STRATEGIC PLAN GOALS
Goal 2: Be a fiscally healthy community
a: Expend fiscal resources responsibly.
d: Effectively manage and develop City assets.
6. DISCUSSION AND BACKGROUND
The Finance Department went through a transition period with a new director, no Accounting Manager, and no accountant for almost six months. Due to these extenuating circumstances, the annual audit was delayed until February 2024 and the Annual Comprehensive Financial Report (ACFR) was not issued until March 27, 2024. The staff report summarizes the audit findings and provides a brief description of the various reports for the fiscal year ended June 30, 2023.
Lance, Soll, and Lunghard, LLP (LSL) provided audit services to the City for the fiscal year ended June 30, 2023. The audit resulted in an overall "clean" audit opinion. This provides assurance that the Ci...
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