During the City Council meeting on January 28, 2020, the City’s independent auditor expressed the opinion that the City’s Comprehensive Annual Financial Report (CAFR) for fiscal year 2018/19 fairly presents the financial position of the City in all material respects and in conformity with generally accepted accounting principles in the U.S. In other words, the City received a “clean” audit opinion. The Report shows that the City has maintained its sound financial condition and City staff is pleased to point out that there were no material weaknesses in internal control and no instances of noncompliance with grant requirements that were material to the financial statements.
State statute requires that the City obtain an audit of its financial report each year. The City retains an independent auditor to evaluate the accuracy of the financial reports, test internal controls, and perform related auditing functions. This report is prepared by the Finance Department, primarily the City Accountant/Financial Services Manager, in conjunction with the independent auditors. As in past years, the City’s FY2018/19 CAFR was found to meet the highest standards for financial reporting by governmental entities. The purpose of the CAFR is to present a fair and understandable picture of the City’s financial position as of the end of the prior fiscal year, to comply with legal requirements related to the administration of federal grants, and to examine possibilities for improvement in the City’s financial operations. Review the FY18/19 Comprehensive Annual Financial Report.