At the January 25, 2022, City Council meeting, Finance Department staff presented the Annual Audit. The City’s independent auditor expressed the opinion that the City’s Annual Comprehensive Financial Report (ACFR) for fiscal year 2020/21 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.
The purpose of the ACFR 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.