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CITY COUNCIL <br />AGENDA ITEM 2B <br /> <br /> <br />STAFF ORIGINATOR: Hannah Lynch, Finance Director <br /> <br />MEETING DATE: June 14, 2021 <br /> <br />TOPIC: Accept 2020 Annual Audit Report <br /> <br />VOTE REQUIRED: 3/5 <br /> <br /> <br />BACKGROUND <br /> <br />Andy Hering of Redpath and Company was in attendance at the June 7, 2021 City Council Work <br />Session and provided a comprehensive overview of the City’s 2020 Annual Financial Report. In <br />addition, he presented the auditor’s management analysis and answered any questions the Council <br />had regarding the financial condition of the City. <br /> <br />The 2020 annual audit was undertaken earlier this year, with field work being completed in late <br />April/early May. The auditors review all financial transactions and the financial reports of the <br />City over the previous year for their fairness in presentation and for full disclosure of all <br />material aspects of the City’s financial condition. This review is conducted in accordance with <br />generally accepted auditing standards and the standards applicable to financial audits contained <br />in Government Auditing Standards, issued by the Comptroller General of the United States. <br />The auditors concluded that the City’s financial statements for 2020 presented fairly, in all <br />material respects, the financial position of the City as of December 31, 2020. The auditors also <br />issue their reports on the City’s legal compliance with certain laws, regulations, contracts, etc., <br />our internal control structure, and management issues. <br /> <br />It should be noted that the City has received the Certificate of Achievement for Excellence in <br />Financial Reporting from the Government Finance Officers Association of the United States <br />and Canada for its 2019 Comprehensive Annual Financial Report. The city has received this <br />award each year since 1995. We believe that the report issued for 2020 continues to uphold the <br />high standards of reporting excellence that this prestigious award represents. <br /> <br />RECOMMENDATION <br /> <br />Staff recommends the City Council formally, by motion, accept the 2020 Annual Audit Report. <br /> <br />ATTACHMENTS <br /> <br />2020 Comprehensive Annual Financial Report <br />2020 Other Audit Reports <br />