AGENDA PACKET - Laserfiche WebLink

Page 1 of 7 Item #13 CITY COUNCIL AGENDA REPORT February 6, 2024 Finance TITLE: ACCEPT THE ANNUAL COMPREHENSIVE FINANCIAL REPORT (ACFR) AND OTHER RELATED AUDITS FOR THE FISCAL YEAR ENDING JUNE 30, 2023 SUMMARY Each year the City is required to prepare audited financial statements and several related reports (provided as attachments), which the City Council reviews and formally accepts. The City received an unmodified, or clean, opinion on the financial statements from auditors Lance, Soll & Lunghard, LLP (LSL). In addition, all requirements have been met to achieve the highest standard in government accounting and financial reporting: the Certificate of Achievement for Excellence in Financial Reporting issued by the Government Finance Officers Association (GFOA) of the United States and Canada. The City has received this certificate annually for the last 26 consecutive years. RECOMMENDATION The Audit Committee (Councilmembers Balch and Nibert) reviewed these reports on January 23, 2024, and recommends the City Council formally accept the reports. A representative from LSL attended the Audit Committee meeting to present the audit process and results, and staff presented the Fiscal Year 2022/23 financial performance. There were no findings resulting from the FY 2022/23 audit. Accept the audited Annual Comprehensive Financial Report and other related reports for FY 2022/23. BACKGROUND Independent auditors, LSL, completed the audit of the City's financial transactions and internal controls for FY 2022/23. The following reports were prepared by the City and audited by the independent auditors: • Annual Comprehensive Financial Report (ACFR) is the overall financial report for the entire City organization and provides information about the financial results of operations and numerous required disclosures. This is the financial report prepared by the City and audited by the independent auditors to provide reasonable assurance that the financial statements are fairly presented in accordance with generally accepted accounting principles (GAAP) in the United States. This report contains the Independent Auditors’ Report, which is prepared by the auditors based on their examination of the City’s financial transactions for the fiscal year ending June 30, 2023. • Community Transit Services, Senior Citizen, and Disabled Transportation Program Fund Financial Statements and Independent Auditors’ Reports is the audit report required by the Transportation Development Act (TDA) for Article 4.5 funds received in FY 2022/23. TDA funds are used to support the transportation program for Page 162 of 554