City Council Agenda Report
Meeting Date: January 16, 2024
From: Scott Williams, Director of Finance
Department: Finance
Submitted by: Jessica Alcaraz, Financial Services Administrator Subject
Audited Financial Reports
Recommendation
Extend submittal of the Fiscal Year 2022-23 Final Audit and Report to Council to February 20, 2024.
Background
Article VIII, Chapter 8.11 of the City Charter requires the final audit to be submitted to Council within 120 days after the end of the fiscal year unless the City Council extends such time. With the City’s fiscal year ending on June 30, audited financial statements would typically be due to Council by late October. However due to the length of time it can take to accrue expenditures, finalize journal entries, and conduct reconciliations for the prior year and for an audit to be completed, staff requested an extension for the submission of the final audit and report for FY 2022-23. On October 17, 2023, Council extended the date for submission of the final audit and report for FY 2022-23 Annual Financial Statements to January 16, 2024.
Since then, the audit has been completed and a draft report is currently under review for accuracy. A final report is expected from the City’s audit firm, The Pun Group LLP, by January
31. Accordingly, staff requests an additional extension for submission of the final audit and report to Council to February 20, 2024 as work continues with the audit firm to finalize the FY 2022-23 Annual Financial Statements.
Fiscal Impact
There is no fiscal impact associated with this report.
Attachments
None.