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File #: 24-195    Version: 1
Type: Administrative Items Status: Passed
File created: 3/6/2024 In control: City Council/Public Financing Authority
On agenda: 3/19/2024 Final action: 3/19/2024
Title: Year-End Audit Results for the FY 2022/23 Annual Comprehensive Financial Report (ACFR), Fiscal Year 2023/24 Budget Update, and Fiscal Year 2023/24 Mid-Year Budget Adjustments
Attachments: 1. Att 1 FY 2022-23 Annual Comprehensive Financial Report (ACFR), 2. Att 2 Other Auditor Issued Reports, 3. Att 3 Mid Yr 2023-24 Adjmts, 4. Att 4 PowerPoint Presentation, 5. 3/19 Sup Com
REQUEST FOR CITY COUNCIL ACTION

SUBMITTED TO: Honorable Mayor and City Council Members

SUBMITTED BY: Eric G. Parra, Interim City Manager

VIA: Sunny Han, Chief Financial Officer

PREPARED BY: Sunny Han, Chief Financial Officer

Subject:
title
Year-End Audit Results for the FY 2022/23 Annual Comprehensive Financial Report (ACFR), Fiscal Year 2023/24 Budget Update, and Fiscal Year 2023/24 Mid-Year Budget Adjustments
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Statement of Issue:

Fiscal Year 2022/23 Year-End Audit Results
The City received an Unmodified (Clean) Audit Opinion for the City's Fiscal Year (FY) 2022/23 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 37th consecutive year. Included as an attachment is the FY 2022/23 ACFR to receive and file.

Fiscal Year 2023/24 Budget Update and Mid-Year Adjustments
The Finance Department has prepared a mid-year budget review for the fiscal year that began on July 1, 2023. In interfacing with operating departments, budgetary requests have been assessed across all City departments, and certain adjustments are being recommended based on available resources in the General Fund, through grants and/or restricted funds.

Financial Impact:

Fiscal Year 2023/24 Mid-Year Adjustments
1. General Fund (100) budget adjustments are requested as follows:
a. Community & Library Services Department - funding for contract class instructors ($246,187) offset by additional recreation fee revenues for a net zero impact.
b. Fire Department - funding for Fire Strike team reimbursement costs ($480,000) offset with strike team reimbursement revenues for a net zero impact and emergency medical supplies ($117,000) offset with emergency medical services revenue for a net zero impact.

2. The Public Works Department is requesting additional appropriations of $7,350 in the ...

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