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<br /> <br />REQUEST FOR COUNCIL ACTION <br />Date: 5/6/2024 <br />Item No.: 7.b. <br />Department Approval City Manager Approval <br /> <br /> <br />Item Description: Receive Annual Comprehensive Financial Report, Auditor <br />Communication Letter, and Reports on Compliance for Fiscal Year <br />Ending December 31, 2023 <br />1 <br />2 Background <br />3 State Statute requires an annual presentation of the City’s year-end financial report by an <br />4 independent auditor. The purpose is to provide a forum for which an independent report <br />5 can be made directly to elected officials with regard to the City’s financial operations. <br />6 <br />7 Rebecca Petersen, from the firm of Redpath and Company, LLC will be present to provide <br />8 an overview of the Annual Reports, as well as the audit process and any required <br />9 disclosures or findings. <br />10 <br />11 Staff will be available for any follow-up questions if necessary. <br />12 <br />13 Policy Objectives <br />14 The presentation of the annual report is required by State Statute. <br />15 <br />16 <br />17 Racial Equity Impact Summary <br />18 There is no equity impact. <br />19 <br />20 Budget Implications <br />21 Not applicable. <br />22 <br />23 <br />24 Staff Recommendations <br />25 Staff recommends the Council formally accept the 2023 Annual Comprehensive Financial <br />26 Report and Audit Reports. <br />27 <br />28 Requested Council Action <br />29 Motion to accept the 2023 Annual Financial Reports. <br />30 <br />31 <br />Joshua Kent - Assistant Finance Director <br />Prepared by: <br />Page 1 of 2 <br />Qbhf!27!pg!494 <br /> <br />