CITY COUNCIL STAFF REPORT
Meeting Date: February 27, 2023
TO: THE HONORABLE MAYOR AND CITY COUNCILMEMBERS
SUBJECT: ACCEPT THE AUDITED ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2022
SYNOPSIS
The Budget Committee reviewed the Annual Comprehensive Financial Report and the Management Letter as of June 30, 2022 on February 22, 2023 and recommends acceptance by the City Council.
DISCUSSION
Background
The City’s fiscal year operates from July 1 through June 30. The Annual Comprehensive Financial Report (ACFR) summarizes the City’s financial activities and fund balances as of June 30, 2022.
Analysis
The Annual Comprehensive Annual Financial Report (ACFR) summarizes the City’s financial activities for fiscal year (FY) 2021/22 and fund balances as of June 30, 2022. The ACFR was prepared in accordance with generally accepted accounting principles (GAAP) as promulgated by the Governmental Accounting Standards Board (GASB). The financial statements contained within the ACFR were audited by Macias, Gini & O’Connell LLP (MGO), the City’s independent Certified Public Accountant, which issued an unmodified opinion - the highest possible rating.
The ACFR for FY 2021/22 is attached for Council review and consideration for acceptance. The transmittal letter, independent auditor’s report, and management’s discussion and analysis section provide a summary of the City’s financial activities during the year.
MGO also prepares the Management Letter to the City Council. This report provides the auditors an opportunity to determine any audit issues and/or areas needing improvement. In summary, the auditors had no material audit issues, findings, or disagreements with the City.
FISCAL IMPACT
None
PUBLIC CONTACT
Public contact was made through posting of the City Council agenda on the City’s official notice bulletin board, at the Pleasant Hill Senior Center, and at the Pleasant Hill Police Department.
The agenda and staff report are posted on the City’s web page.
RECOMMENDED CITY COUNCIL ACTION
Accept the City of Pleasant Hill’s Annual Comprehensive Financial Report and Management Letter for the fiscal year ended June 30, 2022, as recommended by the Budget Committee.
ALTERNATIVES TO RECOMMENDED ACTION
Do not accept the City of Pleasant Hill’s Annual Comprehensive Financial Report and Management Letter for the fiscal year ended June 30, 2022.
ATTACHMENT(S):
1. City of Pleasant Hill Annual Comprehensive Financial Report (ACFR) At Fiscal Year-End June 30, 2022
2. Management Letter to the City of Pleasant Hill for June 30, 2022 Prepared by: Erick Cheung, Finance Manager
Approved by: June Catalano, City Manager