AGENDA ITEM #
STAFF REPORT
TO: Mayor and City Council DATE: January 20, 2022
FROM: Kofi Antobam, Director of Administrative Services SUBJECT: Annual Comprehensive Financial Report (ACFR) for the Year Ended June 30, 2021 and other related audit reports. (Receive and File) SPECIFIC REQUEST OR RECOMMENDATION:
Receive and file the Annual Comprehensive Financial Report (ACFR) for the year ended June 30, 2021 and other related audit reports.
JUSTIFICATION OR INFORMATION
Annually, the City retains an independent auditor to perform an audit of its financial activities.
The FY 2020-21 audit was performed by the external audit firm, Eide Bailly LLP, Certified Public Accountants. The results of the audit and related reports were reviewed with the City and final reports issued.
The ACFR for the Year Ended June 30, 2021, and other related audit reports were issued on November 24, 2021. The City received an Unmodified Opinion, which is a clean opinion, from the City’s external independent auditors on the June 30, 2021 ACFR. A copy of the ACFR is publicly available on the City’s website. The auditors did not report any internal control deficiencies over financial reporting, compliance and other matters. The ACFR has been submitted to the Government Finance Officers Association (GFOA) award program for excellence in financial reporting.
The Single Audit - a separate audit required under Federal law for entities that spend $750,000 or more in federal funds in a fiscal year – is due on March 31, 2022. The City’s external auditors are currently performing this audit and the results will be made available to the City Council when it is issued.
The Library and Observatory, and Writers Festival Foundations’ reports are in the process of being finalized and will be presented to their respective Board of Directors for approval when issued.
The following reports are on file with the City Clerk:
1. Annual Comprehensive Financial Report (ACFR)
2. Internal Control Report
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JUSTIFICATION OR INFORMATION CONTINUED:
AGENDA ITEM #
3. GANN Limit Agreed Upon Procedures Report
4. SAS 114 Communication Letter
RECOMMENDATION
Receive and file the Annual Comprehensive Financial Report (ACFR) Year Ended June 30, 2021, and other related audit reports.
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