CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Receive the Annual Comprehensive Financial Report and Management Letter for the year ended December 31, 2024
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DEPARTMENT: Finance Department
SUBMITTED BY: Raymond Munch, Director of Finance
BOARD/COMMISSION REVIEW:
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BACKGROUND:
Sikich CPA, LLC has completed the annual audit of the City's finances for the year ending December 31, 2024, and will present the Annual Comprehensive Financial Report (ACFR) to the City Council at its July 15, 2025 meeting.
The ACFR for the fiscal year ending December 31, 2024, is being submitted to the City Council as mandated by local ordinances and state statutes. Management assumes full responsibility for the completeness and reliability of the information contained in this report, based upon a comprehensive framework of internal controls it has established for this purpose. Because the cost of internal controls should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements.
DISCUSSION:
Sikich concluded, based upon the audit findings, that there was a reasonable basis for rendering an unmodified ("clean") opinion that the City's financial statements for the year ending December 31, 2024, are fairly presented in conformity with Generally Accepted Accounting Principles (GAAP). The Independent Auditor's Report is located at the front of the financial section.
In the ACFR, the transmittal letter located in the introductory section is designed to complement the Management Discussion and Analysis (MD&A) section. The MD&A can be found immediately following the Independent Auditor's Report in the financial section. It is intended to provide a narrative introduction, overview, and analysis of the basic financial statements. To see a summary of the financial position, it is recommended to read the transmittal letter and the MD&A, along with the statistical section...
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