DATE: November 18, 2026
TO: Council Budget and Finance Committee
FROM: Director of Finance
SUBJECT
Receive Presentation about the Annual Comprehensive Financial Report for the Year Ended June 30, 2025 and the Memorandum on Internal Control and Required Communications
RECOMMENDATION
That the Council Budget and Finance Committee receives a presentation (Attachment I) about the Annual Comprehensive Financial Report (ACFR) (Attachment II) for the fiscal year ended June 30, 2025 and the Memorandum on Internal Control (Attachment III).
SUMMARY
The City’s independent external auditor, Maze and Associates, has completed its audit of the City’s financial statements for the fiscal year ended June 30, 2025. The ACFR is the overall financial report for the entire city organization including the General Fund, Water, Sewer, Airport, all other enterprise, special revenue and capital funds and provides information about the financial results of the operations and numerous required disclosures.
During their review Maze identified and reported deficiencies in internal control and issued a Memorandum on Internal Control. Staff will share those deficiencies and present actions being taken by staff to improve controls.
ATTACHMENTS
Attachment I Presentation 2025 ACFR
Attachment II Annual Comprehensive Financial Report Fiscal Year 2025
Attachment III Memorandum on Internal Control