Title
Presentation of 2023 Annual Comprehensive Financial Report (ACFR)
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Summary and Background Information:
Each year the City's finance department prepares the annual financial statements. As part of the audit, an outside audit firm reviews those financial statements and other records. The auditor's report, financial statements, notes to the financial statements, management’s discussion and analysis (MD&A), and required supplementary information are bound into the book called the Annual Comprehensive Financial Report (ACFR). The City received an "Unmodified" (clean) opinion for the 2023 financial statement audit. The 2023 ACFR can be found on the City's website under the link below:
https://www.c3gov.com/home/showdocument?id=22792
The City's 2022 ACFR was reviewed by the Government Finance Officers Association and earned the Certificate of Achievement for Excellence in Financial Reporting. This is the 36th consecutive year that the City has received this award. Staff believes that the 2023 ACFR continues to meet the Certificate of Achievement Program's requirements and the 2023 ACFR is being submitted to GFOA to determine its eligibility for another certificate.
In addition to the City's ACFR, Finance staff also prepare a Popular Annual Financial Report (PAFR). The PAFR is a smaller and more user friendly extract of the ACFR and is designed to be readily accessible and easily understandable to the general public and other interested parties without a background in public finance. The PAFR will be available and distributed once printed copies are available.
The packet includes items that will be discussed during the meeting along with a link of the 2023 ACFR document. Hard copies of the 2023 ACFR document will also be distributed once printed copies are available.
City finance staff and the City's independent auditors will be presenting information during the September 9th Study Session, and will be available to answer any questions.
Staff Responsible (Department Head): Theresa Wilson, Director of Finance
Staff Member Presenting: Theresa Wilson, Director of Finance, and William Brickey and Katarina Vlcko from Plante Moran, PLLC