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WS — Item 1 <br />WORK SESSION STAFF REPORT <br />Work Session Item No. 1 <br />Date: June 6, 2022 <br />To: City Council <br />From: Hannah Lynch, Finance Director <br />Re: 2021 Annual Audit Report <br />Background <br />Andy Hering of Redpath and Company will be in attendance to provide an overview of <br />the City's 2021 Annual Financial Report, present the auditor's management analysis and <br />answer any questions you may have with regard to the financial condition of the City. <br />The 2021 annual audit was undertaken earlier this year, with field work being completed <br />in late April/early May. The auditors review all financial transactions and the financial <br />reports of the City over the previous year for their fairness in presentation and for full <br />disclosure of all material aspects of the City's financial condition. This review is <br />conducted in accordance with generally accepted auditing standards and the standards <br />applicable to financial audits contained in Government Auditing Standards, issued by the <br />Comptroller General of the United States. The auditors concluded that the City's <br />financial statements for 2021 presented fairly, in all material respects, the financial <br />position of the City as of December 31, 2021. The auditors also issue their reports on the <br />City's legal compliance with certain laws, regulations, contracts, etc., our internal control <br />structure, and management issues. <br />It should be noted that the City has received the Certificate of Achievement for <br />Excellence in Financial Reporting from the Government Finance Officers Association of <br />the United States and Canada for its 2020 Annual Comprehensive Financial Report. The <br />city has received this award each year since 1995. We believe that the report issued for <br />2021 continues to uphold the high standards of reporting excellence that this prestigious <br />award represents. <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 2021 <br />Annual Audit Report at the June 13, 2022, regular City Council meeting. <br />Requested Council Direction <br />None <br />