City Council

c. ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR FISCAL YEAR\n2022-23\nSummary:\nThe Annual Comprehensive Financial Report (ACFR) is an independently\naudited summary report of the financial transactions of the City for Fiscal Year\n(FY) 2022-23, providing relevant financial information to the City Council,\nresidents, current and future employees, grant entities, creditors, bond investors,\nrating agencies, and other interested parties. This audit is performed in\ncompliance with City Charter requirements with the results presented to the City\nCouncil for review.\nThe audit was completed by the City's independent auditor, RAMS, Rogers,\nAnderson, Malody & Scott, LLP, Certified Public Accountants, 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 the ACFR, and the audited information within, present fairly the City’s\nfinancial position for the fiscal year ending June 30, 2023.\nAs part of this report, staff normally provides detailed information and allocation\nrecommendations regarding any General Fund Operating Surplus or Deficit.\nThe FY 2022-23 General Fund surplus is $8.0 million as reported in the ACFR.\nStaff will return to the City Council on January 23, 2024, to provide\nrecommendations regarding the proposed surplus appropriations. This\nproposed time extension will allow staff to conduct a detailed analysis of the\nsurplus that will identify ongoing revenue updates, requests to re-appropriate\nunutilized budget appropriations, one-time expenditure requests for department\noperations, programs or special projects, and reserve allocations resulting in\nbudget adjustments for the current fiscal year.\nStrategic Plan Goal(s):\nGoal 1 Financial Stability: Ensure the City’s long-term financial stability and\nresilience.\nRecommendations:\n1. Receive and file the City’s ACFR for FY 2022-23.\n2. Direct staff to return in January with proposed appropriations for the FY 2022\n-23 General Fund operating surplus.\n3. Direct staff to distribute copies of the ACFR for FY 2022-23 as required, as\nwell as to the Office of the City Clerk to be placed on file for the general\npublic and posted on the City’s website.