06-09-25 - Council Meeting Agenda

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CITY COUNCIL STAFF REPORT AGENDA ITEM 1.F. STAFF ORIGINATOR: MEETING DATE June 9, 2025 AGENDA ITEM: Acceptance of the 2024 Audit Report VOTE REQUIRED: Simple Majority INTRODUCTION The Council is being asked to accept the 2024 Audit Report. Andy Hering of Redpath and Company attended the June 2, 2025 City Council Work Session and provided an overview of the City’s 2024 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. BACKGROUND The 2024 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, 2024. 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 2023 Annual Comprehensive Financial Report. The city has received this award each year since 1995. We believe that the report issued for 2024 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 2024 Audit Report. Page 31 of 353