Focus Area: Economy
Staff Contact: Jamie Robichaud and Loretta Purvis
Subject: Report on 2024 external financial audit and Annual Comprehensive Financial Report
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Report on 2024 external financial audit and Annual Comprehensive Financial Report
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Summary:
Allen, Gibbs, & Houlik, L.C. (AGH) completed the City’s annual audit for the year ended December 31, 2024. The auditor will be present to briefly cover the results of the audit including the Annual Comprehensive Financial Report (ACFR), Single Audit Report, and Governance Letter.
AGH has issued an unmodified opinion of the City’s financial statements. This means that the financial statements are presented fairly in all material respects.
The auditors did note some material weaknesses and significant deficiencies on the financial statement audit for both the City and the Housing Authority, and the single audit of federal programs that are discussed in further detail in the attached documents. There is also a Qualified Opinion on one federal program due to the need to restate expenditures for the 2023 single audit that were not previously reported. Management’s response with a corrective action plan on these findings is also included. The corrective action plans are underway and being implemented over the next few months.
The draft of the ACFR, Single Audit, and Governance Letter were discussed with the Audit Committee on September 8, 2025. The final report is available for review and acceptance at the Council meeting on October 7. An electronic copy of the Annual Comprehensive Financial Report and Single Audit will be made available on the City’s website.
A representative from AGH will be present at the meeting to revie and answer questions regarding these reports.
The City has received the Certificate of Achievement in Financial Reporting from the Government Finance Officers Association (GFOA) for the 2023 ACFR and has submitted the 2024 report for review in this program. The City has been recognized with this award for the past 46 years and demonstrates our commitment to financial stewardship and transparency.
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Financial Impact:
None
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Action Needed:
Acceptance of the 2024 Annual Comprehensive Financial Report, Single Audit, and Governance Letter
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Attachment(s):
A. Annual Comprehensive Financial Report
B. Single Audit Report
C. City Governance Letter
D. Housing Authority Governance Letter