06-05-2023 Council Work Session Packet

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WS – Item 1 WORK SESSION STAFF REPORT Work Session Item No. 1 Date: June 5, 2023 To: City Council From: Hannah Lynch, Finance Director Re: 2022 Annual Audit Report Background Andy Hering of Redpath and Company will be in attendance to provide an overview of the City’s 2022 Annual Comprehensive Financial Report, present the auditor’s management analysis, and answer any questions you may have with regard to the financial condition of the City. The 2022 annual audit fieldwork was completed in April. 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, 2022. 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 2021 Annual Comprehensive Financial Report. The city has received this award each year since 1995. We believe that the report issued for 2022 continues to uphold the high standards of reporting excellence that this prestigious award represents. The presentation at the work session will be comprehensive and is intended to provide the opportunity for council members to ask any questions or make comments about the audit report and the state of city finances. Requested Council Direction Council will be asked to accept the 2022 Annual Audit Report at the June 12, 2023, regular City Council meeting.