TO: Honorable Mayor and Members of the City Council
THRU: Jarad Hildenbrand, City Manager
FROM: Trang Nguyen, Finance Director
1. SUBJECT
title
Single Audit Report of Federally Assisted Grant Programs for the Fiscal Year ended June 30, 2025
body
2. SUMMARY
Financial and Compliance Reports provided by LSL, LLP, independent auditors, as a result of their audit of federally funded grant programs for the fiscal year ended June 30, 2025.
3. RECOMMENDED ACTION
recommendation
Receive and file.
end
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
LSL, LLP (LSL), an independent certified public accounting firm, provided audit services to the City for the fiscal year ended June 30, 2025. Following the receive and file of the Annual Comprehensive Financial Report (ACFR) and related audit reports on February 24th, the Single Audit Report has been completed by the auditor and filed with Federal Audit Clearinghouse and California State Controller's Office ahead of the March 31st deadline.
The Single Audit is a federally mandated compliance audit required when an entity expends $750,000 or more in federal grant funds during a fiscal year, in accordance with the U.S. Office of Management and Budget (OMB) 2 CFR Part 200, Uniform Guidance.
The audit evaluates compliance with federal program requirements and the effectiveness of internal controls over grant administration. Key procedures include reviewing internal controls, testing a sample of grant transactions for compliance, monitoring subrecipients, and reporting any findings or recommendations for corrective action. For the Fiscal Year 2025, the Single Audit was completed with no findings identified specifically to the federally funded grant programs. However, because the Single Audit relies extensively on the financial data and internal control framework ...
Click here for full text