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, 2024.
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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, 2024.
3. RECOMMENDED ACTION
recommendation
Receive and file the following documents for the fiscal year ended June 30, 2024:
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
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4. FISCAL IMPACT
None.
5. STRATEGIC PLAN GOALS
Goal 2: Enhance Economic Development and Achieve Fiscal Sustainability
Objective 2.9: Create a fiscal sustainability plan
6. DISCUSSION AND BACKGROUND
Lance, Soll, and Lunghard, LLP (LSL), an independent certified public accounting firm, provided audit services to the City for the fiscal year ended June 30, 2024. The audited financial statements follow the requirements of Generally Accepted Accounting Principles (GAAP) as set forth by the Governmental Accounting Standards Board (GASB).
The City's audit was performed in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in the Government Auditing Standards, issued by the Comptroller General of the United States. Such audits utilize sampling of data, inquiries of staff and management, testing of procedures and transactions, ...
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