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<br />WS – Item 1 <br />WORK SESSION STAFF REPORT <br />Work Session Item No. 1 <br /> <br /> <br />Date: June 1, 2020 <br /> <br />To: City Council <br /> <br />From: Sarah Cotton, Finance Director <br /> <br />Re: 2019 Annual Audit Report <br /> <br /> <br />Background <br /> <br />Andy Hering of Redpath and Company will be in attendance at the meeting to provide an <br />overview of the City’s 2019 Annual Financial Report, present the auditor’s management <br />analysis and answer any questions you may have with regard to the financial condition of the <br />City. <br /> <br />The 2019 annual audit was undertaken earlier this year, with field work being completed in <br />late April/early May. The auditors review all financial transactions and the financial reports <br />of the City over the previous year for their fairness in presentation and for full disclosure of <br />all material aspects of the City’s financial condition. This review is conducted in accordance <br />with generally accepted auditing standards and the standards applicable to financial audits <br />contained in Government Auditing Standards, issued by the Comptroller General of the <br />United States. The auditors concluded that the City’s financial statements for 2019 presented <br />fairly, in all material respects, the financial position of the City as of December 31, 2019. <br />The auditors also issue their reports on the City’s legal compliance with certain laws, <br />regulations, contracts, etc., 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 2018 Comprehensive Annual Financial Report. The city has received this <br />award each year since 1995. We believe that the report issued for 2019 continues to uphold <br />the high standards of reporting excellence that this prestigious award represents. <br /> <br />The presentation at the work session will be comprehensive and is intended to provide the <br />opportunity for council members to ask any questions or make comments about the audit <br />report and the state of city finances. The Council will be asked to accept the 2019 Annual <br />Audit Report at the June 8, 2020, regular City Council meeting. <br /> <br />Requested Council Direction <br /> <br />None <br /> <br />Attachments <br /> <br />2019 Comprehensive Annual Financial Report <br />2019 Other Audit Reports