DATE: April 15, 2025
TO: Mayor and City Council
FROM: Director of Finance
SUBJECT
Title
Adopt a Resolution Accepting and Filing the Annual Comprehensive Financial Report for the Year Ended June 30, 2024 and Required Communications
End
RECOMMENDATION
Recommendation
That the City Council adopts the attached Resolution (Attachment II) to receive and file the City’s Annual Comprehensive Financial Report (ACFR) (Attachment III) for the fiscal year ended June 30, 2024.
End
SUMMARY
Each year, the City conducts an independent financial audit, which is performed by an external contractor. Auditing standards require auditors to formally communicate the results directly to the agency’s governing body; to establish direct and effective two-way communication with Council and staff, convey audit matters, the scope of work, difficulties encountered, adjustments to financial statements, or any possible disagreements with management. As in previous years, the auditor’s opinion on the City’s financial statements for fiscal year 2023 is without exception and is unmodified.
ATTACHMENTS
Attachment I Staff Report
Attachment II Resolution
Attachment III FY 2024 Annual Comprehensive Financial Report (ACFR)