REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Travis Hopkins, Acting City Manager
VIA: David Cain, Interim Chief Financial Officer
PREPARED BY: Serena Bubenheim, Assistant Chief Financial Officer
Subject:
title
Year-End Audit Results for the FY 2023/24 Annual Comprehensive Financial Report (ACFR) and Approval of Fiscal Year 2023/24 Year-End Audit Adjustments
body
Statement of Issue:
Fiscal Year 2023/24 Year-End Audit Results
The City received an Unmodified (Clean) Audit Opinion for the City's Fiscal Year (FY) 2023/24 Annual Comprehensive Financial Report (ACFR), which is the highest audit result attainable. In addition, the Government Finance Officers Association awarded their Certificate of Achievement for Excellence in Financial Reporting to the City for the 38th consecutive year. Included as an attachment is the FY 2023/24 ACFR to receive and file.
Fiscal Year 2023/24 Year-End Adjustments
As part of the year-end closing process for FY 2023/24, certain budgetary adjustments are needed to reconcile the budget with actual expenditures incurred; to comply with auditing, actuarial, accounting, and legal requirements; and to align with the City Council's strategic goal of fiscal stability. City Council approval of these reconciliations is requested as part of the close-out of FY 2023/24.
Financial Impact:
1. Appropriation and Inter-Fund Transfers (various funds): Appropriation increases and inter-fund transfer authority of $947,504.21 are requested to reconcile the budget with actual expenditures incurred in various funds (Attachment 3).
2. Appropriation increases (various funds): Appropriation increases of $252,137.39 are requested to reconcile the budget with actual expenditures incurred in various funds (Attachment 3).
There are sufficient revenues, cash, and/or fund balances to support the above referenced adjustments.
Recommended Action:
recommendation
A) Receive and File the FY ...
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