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1 <br /> <br />CITY COUNCIL <br />REGULAR MEETING STAFF REPORT <br />AGENDA ITEM 2A <br /> <br />STAFF ORIGINATOR: Hannah Lynch, Finance Director <br /> <br />MEETING DATE: June 10, 2024 <br /> <br />TOPIC: 2023 Audit Report <br /> <br />VOTE REQUIRED: Simple Majority <br />______________________________________________________________________________ <br /> <br />INTRODUCTION <br />The Council is being asked to accept the 2023 Audit Report. Andy Hering of Redpath and Company <br />attended the June 3, 2024 City Council Work Session and provided an overview of the City’s 2023 <br />Annual Comprehensive Financial Report. In addition, he presented the auditor’s management <br />analysis and answered any questions the Council had regarding the financial condition of the City. <br /> <br />BACKGROUND <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 /> <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 /> <br />RECOMMENDATION <br />Staff recommends the City Council formally, by motion, accept the 2023 Audit Report. <br /> <br /> <br />59