06-13-2022 City Council Packet - Laserfiche WebLink

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CITY COUNCIL AGENDA ITEM 2A STAFF ORIGINATOR: Hannah Lynch, Finance Director MEETING DATE: June 13, 2022 TOPIC: Accept 2021 Annual Audit Report VOTE REQUIRED: 3/5 BACKGROUND Andy Hering of Redpath and Company attended the June 6, 2022 City Council Work Session and provided a comprehensive overview of the City's 2021 Annual Comprehensive Financial Report. In addition, he presented the auditor's management analysis and answered any questions the Council had regarding the financial condition of the City. The 2021 annual audit was undertaken earlier this year, with fieldwork being completed in late April/early May. The auditors review all financial transactions and the financial reports of the City over the previous year for their fairness in presentation and for full disclosure of all material aspects of the City's financial condition. This review is conducted in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. The auditors concluded that the City's financial statements presented fairly, in all material respects, the financial position of the City as of December 31, 2021. The auditors also issue their reports on the City's legal compliance with certain laws, regulations, contracts, etc., our internal control structure, and management issues. It should be noted that the City has received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada for its 2020 Annual Comprehensive Financial Report. The city has received this award each year since 1995. We believe that the report issued for 2021 continues to uphold the high standards of reporting excellence that this prestigious award represents. RECOMMENDATION Staff recommends the City Council formally, by motion, accept the 2021 Annual Audit Report. ATTACHMENTS 2021 Annual Comprehensive Financial Report 2021 Other Audit Reports