City Council

9K. ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR FISCAL YEAR 2023-24 AND\nRELATED AUDIT REPORTS\nEach year the City issues an Annual Comprehensive Financial Report (ACFR), which\nsummarizes the financial activity of a local government for a given fiscal year in\naccordance with financial statement presentation requirements prescribed by\ngovernment accounting standards (Attachment A). The ACFR is accompanied by an\nopinion from the City’s audit firm. The audit firm’s opinion on the City’s 2023-24 ACFR is\na clean opinion, with no exceptions, modifications, or qualifications. (The audit firm also\nissued a separate report for the Housing Authority’s 2023-24 audited financial statements.\nThe single audit report on Attachment C was required for the Fiscal Year 2023-24 audit\nbecause the City spent more than $750,000 on federal grant funds. No findings or\nquestioned costs are identified in this report. In addition, the City’s auditors issue other\nreports in relation to the City’s audit. These reports are provided in Attachments D and E.\nRECOMMENDED ACTION:\n1. City Council find that this item is not subject to California Environmental Quality Act\n(“CEQA”) pursuant to Sections 15378(b)(5) (Organizational or administrative activities\nof governments that will not result in direct or indirect physical changes in the\nenvironment); and\n2. Receive and file the Annual Comprehensive Financial Report (ACFR), and related\naudit reports.