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1 <br /> <br />CITY COUNCIL <br />WORK SESSION STAFF REPORT <br />ITEM NO. 3 <br /> <br />STAFF ORIGINATOR: Hannah Lynch, Finance Director <br /> <br />WORK SESSION DATE: June 3, 2024 <br /> <br />TOPIC: 2023 Audit Report <br /> <br />______________________________________________________________________________ <br />BACKGROUND <br />Andy Hering of Redpath and Company will be in attendance to provide an overview of the City’s <br />2023 Annual Comprehensive 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 2023 audit fieldwork was completed in April. The auditors review all financial transactions <br />and the financial reports of the City over the previous year for their fairness in presentation and <br />for full 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 financial <br />statements presented fairly, in all material respects, the financial position of the City as of <br />December 31, 2023. 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 <br />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 and <br />Canada for its 2022 Annual Comprehensive Financial Report. The city has received this award <br />each year since 1995. We believe that the report issued for 2023 continues to uphold the high <br />standards of reporting excellence that this prestigious 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. <br />REQUESTED COUNCIL DIRECTION <br />Council will consider acceptance of the 2023 Audit Report at the June 10, 2024 City Council <br />Meeting. <br /> <br /> <br />2