ANNUAL
COMPREHENSIVE
FINANCIAL REPORT
(ACFR)
Fiscal Year
2023/2024
What is the Annual Comprehensive Financial Report
(ACFR)2
➢ A set of financial statements which conform to the accounting requirements established by the Governmental Accounting Standards Board (GASB)
➢ The report must be audited by an independent auditor using generally accepted government auditing standards
➢ 2023/2024 ACFR = Covers the fiscal year ended June 30, 2024 F I N A N CE & A U D I T C O M M I T T E E M E E T I N GM A R C H 2 6 , 2 0 2 5 Financial Highlights (amounts in thousands)3
F I N A N CE & A U D I T C O M M I T T E E M E E T I N GM A R C H 2 6 , 2 0 2 5 General
Fund All Funds
➢ Total Revenues $459,038 $1,470,645
➢ Total Expenses $457,067 $1,246,280
➢ Total Assets $178,692 $4,995,337
➢ Total Liabilities $41,487 $1,800,609
➢ Net Positions as of June 30, 2023 $127,383 $3,041,535 ➢ Net Positions as of June 30, 2024 $109,039 $3,265,900 Scope of Work and Timing 4
F I N A N CE & A U D I T C O M M I T T E E M E E T I N GM A R C H 2 6 , 2 0 2 5 ➢ Financial Statement Audit
• Audit of the City’s Annual Comprehensive Financial Report ➢ Compliance Audit
• Single Audit – Federal Expenditures Audit
• Passenger Facility Charges (PFC) Audit
➢ Agreed Upon Procedures
• GANN Limit
Required Communications (AU -C 260)5
F I N A N CE & A U D I T C O M M I T T E E M E E T I N GM A R C H 2 6 , 2 0 2 5 ➢ Management’s Responsibilities
• Responsible for the Financial Statements
• Present the Financial Statements in accordance with Accounting Principles Generally Accepted in the United States of America
• Adopt sound accounting policies
• Establish and maintain internal controls over financial reporting and compliance
• Provide evidence supporting the amounts and disclosures in the financial statements
• Fair presentation of financial statements that are free from material misstatements whether due to fraud or error
• Prevent and detect fraud
Required Communications (AU -C 260)6
F I N A N CE & A U D I T C O M M I T T E E M E E T I N GM A R C H 2 6 , 2 0 2 5 ➢ Auditors’ Responsibilities
• Perform the audit in conformity with Auditing Standards Generally Accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States
• Communicate with “Those Charged with Governance”
• Assess audit risk of internal control over financial reporting • Determine fairness presentation of the financial statements • Render an opinion on the financial statements
• Issue recommendations to Management, if any
Required Communications (AU -C 260)7
F I N A N CE & A U D I T C O M M I T T E E M E E T I N GM A R C H 2 6 , 2 0 2 5 ➢ Significant Accounting Policies
• The City disclosed the summary of significant accounting policies in Note 1 to the financial statements
• The City implemented GASB Statement No. 100, Accounting Changes and Error Corrections- An Amendment of GASB Statement No. 62. ➢ Significant Estimates
• Fair Value on Investments
• Allowance for Accounts Receivable
• Depreciation on Capital Assets
• Risk management claim liability
• Net Pension Asset/(Liability)
• Net OPEB Liability
Required Communications (AU -C 260)8
F I N A N CE & A U D I T C O M M I T T E E M E E T I N GM A R C H 2 6 , 2 0 2 5 ➢ Sensitive Disclosures
• Note 1- Summary of Significant Accounting Policies
• Note 2- Cash and Investments
• Note 5- Capital Assets
• Note 7- Long-Term Liabilities
• Note 11- Employee Benefit Programs
• Note 13- Commitments and Contingencies
➢ Misstatements
• There were two uncorrected misstatements and no corrected misstatements
Required Communications (AU -C 260)9
F I N A N CE & A U D I T C O M M I T T E E M E E T I N GM A R C H 2 6 , 2 0 2 5 ➢ Consultation with Other Accountants
• Management informed us that, and to our knowledge, there were no consultations with other accountants regarding auditing and other matters.
➢ Significant Difficulties
• We encountered no significant difficulties in dealing with management. ➢ Disagreement with Management
• We did not have any disagreement with management in terms of accounting treatments nor audit procedures performed.
Required Communications (AU -C 260)10
F I N A N CE & A U D I T C O M M I T T E E M E E T I N GM A R C H 2 6 , 2 0 2 5 ➢ Group Audits
• We obtained the financial statements of the individual components of the City’s financial reporting entity that are audited by separate auditors. • We evaluated the competence and reputation of the individual auditors utilized and the separate financial statements to make reference to the audit of the component auditors’ on the group financial statements. • Beyond providing instructions on the nature and timing of work to be performed, we were not involved in the work performed by the component auditors.
Audit Results11
F I N A N CE & A U D I T C O M M I T T E E M E E T I N GM A R C H 2 6 , 2 0 2 5 ➢ Opinion
• Unmodified Opinion for All Opinion Units
• Financial Statements are fairly presented in all material respect • Accounting policies have been consistently applied
• Estimates are reasonable
• Disclosures are properly reflected in the financial statements ➢ Other Results
• No disagreement with Management
• No material weaknesses and/or significant deficiencies were not identified in internal control over financial reporting • No accounting issues
• No inappropriate activities were noted
Audit Results - Single Audit 12
F I N A N CE & A U D I T C O M M I T T E E M E E T I N GM A R C H 2 6 , 2 0 2 5 ➢ Schedule of Expenditures of Federal Awards:
➢ Independent Auditors’ Reports
• Internal Control over Financial Reporting and Compliance and Other Matters- Unmodified • Compliance for Each Major Program and on Internal Control Over Compliance- Unmodified ➢ Schedule of Findings and Questioned Costs
• Material Weaknesses and/or Significant Deficiencies Reported- None 13 F I N A N CE & A U D I T C O M M I T T E E M E E T I N G Questions
M A R C H 2 6 , 2 0 2 5