1 City of Alameda – M ay 21 , 2024
Ma y 11, 2 0 2 1
Fiscal Year 2022-23 Audited Financial
Statements and Compliance Reports
1. Audit Recap & Results
2. What’s New in Finance?
3. Financial Highlights – General Fund
Fund Balance
2 Tonight’s Agenda
Audit Recap
● Annual Comprehensive Financial Report (ACFR) audit
performed in accordance with generally accepted auditing standards
● Maze & Associates, the City’s external auditor, obtained reasonable assurance about whether the financial statements are free of material misstatement
● Audit fieldwork and testing took place between October 2023 and March 2024
3 Audit Results
o The City received a “clean” ACFR audit opinion
o Unmodified opinion – financial statements are prepared using U.S. (GAAP)
o Financial statements are fairly presented and do not
contain material misstatements
o The City’s seven other financial and compliance reports all received “clean” reviews with no findings
4 What’s New in Finance?
○ First ACFR created “In-House”
o More time for Finance Dept. to gather data and
produce financial statements and compliance reports
o Increases transparency – Finance Dept. can spend
more time analyzing financial results and variances
o Public confidence – Creating financial statements
saves time for external auditors who may focus more
on performing audit procedures and performing risk
analyses
○ Received GFOA’s Certificate for Excellence in Financial Reporting for 3rd year in a row 5
Financial Highlights – General Fund Surplus in Excess of Reserves – Previous 5 Years
6 -
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
40,000,000
45,000,000
2019 2020 2021 2022 2023
General Fund Balance in Excess of Reserves -
Last 5 Years
Fund Balance In Excess of Reserves 2019 2020 2021 2022 2023 5,274,425 18,552,899 39,398,538 40,218,941 35,429,026