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CITY OF CENTERVILLE <br />REQUEST FOR <br />COUNCIL ACTION <br />Agenda Item # Department: Requested Council Meeting Date: <br />June 8, 2022 <br />Finance <br />IX.1 <br />TITLE OF ISSUE: <br />2021 Annual Audit <br />BACKGROUND AND SUPPLEMENTAL INFORMATION: <br />Brad Falteysek, Partner and CPA with Abdo will present the annual financial report, required management <br />communications, and audit insights to the City Council. The city has received an unqualified (clean) audit <br />opinion on the financial statements for fiscal year 2021. This means that our statements meet Generally <br />Accepted Accounting Practices (GAAP), present our financial condition in a fair manner, and are free from <br />material misstatements. There were a number of discussions regarding accounting transactions and financial <br />policies during the audit. These resulted in adjusting journal entries, with one finding considered to be a <br />material weakness. The audit was moved earlier in the year, and there was significant time off for the Finance <br />Director due to family health issues. This resulted in not all journal entries being prepared prior to the audit. <br />Staff will review the adjustments and provide a complete trial balance to the auditors next year. <br />COST AND SOURCE(S) OF FUNDING: <br />Previously authorized funds from the General Fund and Utility Funds. <br />REQUESTED COUNCIL ACTION: <br />Motion to approve the Comprehensive Annual Financial Report (CAFR) as presented. <br />Following this approval, the financial statements will be published on the city's web site and available for <br />inspection by the public. <br />For Clerk’s Use: <br />SUPPORTED DOCUMENTS ATTACHED <br />Motion By: ____________________________________ <br /> Resolution Ordinance Contract Minutes Plan Map <br />Second By: ____________________________________ <br />Vote Record: Aye Nay <br /> _____ <br />_____ <br />CAFR, Management Communication <br />Other (specify) ____________ <br /> _____ _____ <br />_____ <br /> _____ <br />_______________________________________________________________ <br /> _____ _____Ki <br /> _____ ____________________________________________________________________ <br />Administration Department Use: <br />Refer to: _________________________________ <br />Consent <br /> Tabled Until: ______________________________ <br /> Regular <br /> Other: ___________________________________ <br /> <br />