Placement: Proclamations and Special presentations
Action Requested: Discussion
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Accept the Fiscal Year (FY) 2022-23 Annual Comprehensive Financial Report (ACFR) and Popular Annual Financial Report (PAFR).
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Submitted By: Stephen Okiye, Finance Director, Finance Department.
Strategic Plan Link: The City's Goal of a high-performing city government organization.
Executive Summary (General Business): Each year the City is required to have an audit performed by an Independent Certified Public Accounting Firm for the purpose of providing an opinion upon the fair statement of the numbers presented. This year is the first year of a five-year contract for our independent auditors - MSL, P.A.
Presentation Information: A brief presentation by Stephen Okiye, Finance Director.
Staff Recommendation: Request that the Council accept the City’s FY 2022-23 ACFR and PAFR.
Background: N/A
Issues/Analysis: The audit opinion states that the ACFR presents fairly, in all material respects, the financial position of the City. This year, the City also completed a PAFR which presents the financial data from the ACFR in a more concise and simplified manner. A PAFR is designed to be more user-friendly and provide transparency to the general public.
Financial Information: This year’s ACFR fairly presents the financial position of the City as of September 30, 2023.
Special Consideration: N/A
Location of Project: N/A
Attachments:
1. FY 2022-23 ACFR
2. FY 2022-23 PAFR
3. PowerPoint Presentation
NOTE: All of the listed items in the “Attachment” section above are in the custody of the City Clerk. Any item(s) not provided in City Council packets are available upon request from the City Clerk.
Internal Reference Number: N/A
Legal Sufficiency Review:
N/A