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CITY COUNCIL <br />AGENDA ITEM 2A <br />STAFF ORIGINATOR: Hannah Lynch, Finance Director <br />MEETING DATE: June 12, 2023 <br />TOPIC: Acceptance of the 2022 Annual Audit Report <br />VOTE REQUIRED: 3/5 <br />BACKGROUND <br />Andy Hering of Redpath and Company attended the June 5, 2023 City Council Work Session and <br />provided an overview of the City’s 2022 Annual Comprehensive Financial Report. In addition, he <br />presented the auditor’s management analysis and answered any questions the Council had regarding <br />the financial condition of the City. <br />The 2022 annual audit fieldwork was completed in April. The auditors review all financial <br />transactions and the financial reports of the City over the previous year for their fairness in <br />presentation and for full disclosure of all material aspects of the City’s financial condition. <br />This review is conducted in accordance with generally accepted auditing standards and the <br />standards applicable to financial audits contained in Government Auditing Standards, issued by <br />the Comptroller General of the United States. The auditors concluded that the City’s financial <br />statements presented fairly, in all material respects, the financial position of the City as of <br />December 31, 2022. The auditors also issue their reports on the City’s legal compliance with <br />certain laws, regulations, contracts, etc., our internal control structure, and management issues. <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 2021 Annual Comprehensive Financial Report. The city has received this <br />award each year since 1995. We believe that the report issued for 2022 continues to uphold the <br />high standards of reporting excellence that this prestigious award represents. <br />RECOMMENDATION <br />Staff recommends the City Council formally, by motion, accept the 2022 Annual Audit Report. <br />ATTACHMENTS <br />2022 Annual Comprehensive Financial Report <br />2022 Other Audit Reports