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access to City assets (cash) and performs the bank reconciliation. This issue was brought up by <br />the Finance Director during the 2022 audit as well as during the 2023 audit and it was <br />concluded that this audit finding is necessary to bring awareness to City Council about the risk <br />surrounding existing limited segregation of duties. <br />To effectively implement strong segregation of duties it will require adding additional staffing. <br />City staff does not recommend increasing the staff to remove the finding since the additional <br />costs of implementing the necessary controls outweigh the benefits that would be derived. The <br />finance team will continue to utilize all of the existing resources to help mitigate this risk in all <br />of its finance processes. <br />The council will have the opportunity to ask questions after the presentation. <br />STAFF RECOMMENDATION <br />Receive and accept the 2024 Annual Comprehensive Financial Report. <br />ATTACHMENTS <br />•Executive Governance Summary <br />•2024 Annual Comprehensive Financial Report <br />•Other Required Reports <br />•Audit Presentation