City Council

a. ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR FISCAL YEAR\n2023-24\nSummary:\nThe Annual Comprehensive Financial Report (ACFR) is an independently\naudited summary report of the City’s financial transactions for Fiscal Year (FY)\n2023-24. The ACFR provides relevant financial information to the City Council,\nresidents, current and future employees, grant entities, creditors, bond investors,\nrating agencies, and other interested parties. The audit is performed in\ncompliance with the requirements of the City Charter, and the results are\npresented to the City Council for review.\nThe audit was completed by the City's independent auditor, Rogers, Anderson,\nMalody & Scott, LLP, Certified Public Accountants (RAMS), which issued an\nunqualified opinion audit report, otherwise known as a “clean opinion” finding\nnothing of material concern in the City’s internal controls, financial, and\nbookkeeping practices. The independent auditor’s unmodified report provides\nassurance that the ACFR, and audited information within, present fairly the\nCity’s financial position for the Fiscal Year ending June 30, 2024.\nAs part of the ACFR, staff provides detailed information and recommendations\nregarding the General Fund Operating balance. For FY 2023-24 the General\nFund reports a positive fund balance of $11.1 million. Staff will present\nrecommendations for fund balance appropriations to the City Council in the first\npart of the 2025 calendar year. This proposed timeline allows staff to conduct a\ndetailed analysis of the positive fund balance, including ongoing revenue\nupdates, requests to re-appropriate unutilized budget appropriations, one-time\nexpenditure requests for department operations, programs or special projects,\nand reserve allocations resulting in budget adjustments for the current fiscal\nyear.\nStrategic Plan Goal(s):\nGoal No. 1 Financial Stability: Ensure the City’s long-term financial stability and\nresilience.\nRecommendations:\n1. Receive and file the City’s ACFR for FY 2023-24.\n2. Direct staff to return the first part of the 2025 calendar year with proposed\nappropriations for the FY 2023-24 General Fund positive fund balance.\n3. Direct staff to distribute copies of the ACFR for FY 2023-24 as required, as\nwell as to the Office of the City Clerk to be placed on file for the general public\nand posted on the City’s website.