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CITY COUNCIL <br />AGENDA ITEM 2B <br /> <br /> <br />STAFF ORIGINATOR: Sarah Cotton <br /> <br />MEETING DATE: June 8, 2020 <br /> <br />TOPIC: Accept 2019 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 1, 2020 City Council Work <br />Session and provided a comprehensive overview of the City’s 2019 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 2019 annual audit was undertaken earlier this year, with field work being completed in May. <br />The auditors review all financial transactions and the financial reports of the City over the previous <br />year for their fairness in presentation and for full disclosure of all material aspects of the City’s <br />financial condition. This review is conducted in accordance with generally accepted auditing <br />standards and the standards applicable to financial audits contained in U.S. Government Auditing <br />Standards, issued by the Comptroller General of the United States. The auditors concluded the <br />City’s financial statements for 2019 presented fairly, in all material respects, the financial position <br />of the City as of December 31, 2019. The auditors also issue their reports on the City’s legal <br />compliance with certain laws, regulations, contracts, etc., our internal control structure, and <br />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 and <br />Canada for its 2018 Comprehensive Annual Financial Report. The city has received this award each <br />year since 1995. We believe the report issued for 2019 continues to uphold the high standards of <br />reporting excellence this prestigious award represents. <br /> <br />RECOMMENDATION <br /> <br />Staff recommends the City Council formally, by motion, accept the 2019 Annual Audit Report. <br /> <br />ATTACHMENTS <br /> <br />2019 Comprehensive Annual Financial Report <br />2019 Other Audit Reports <br />