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ITEM #: 5.
DATE: 12/05/2022
AI #:1110

CITY COUNCIL ACTION REPORT

SUBJECT:

PRESENTATION OF THE ANNUAL COMPREHENSIVE FINANCIAL REPORT (ACFR) AND AUDIT RESULTS

STAFF PRESENTER(S):

Jared Askelson, Deputy Finance Director

OTHER PRESENTER(S):

Crimson Singleton/McKay Hall, HintonBurdick, PLLC

SUMMARY

Acceptance of the Fiscal Year 2022 ACFR and audit results.

Recommendation

Receive the Fiscal Year 2022 Annual Comprehensive Financial Report and audit results. No action is required. (Jared Askelson, Deputy Finance Director)

FISCAL IMPACT

There is no fiscal impact of accepting the ACFR and audit results.

BACKGROUND AND PREVIOUS ACTIONS

Arizona state law requires all cities to prepare annual financial statements and file them with the Auditor General. HintonBurdick, PLLC performed an independent audit of the financial statements for fiscal year 2022. The purpose of the audit is to provide an independent, professional opinion that the city of Goodyear has fairly presented the basic financial statements, as well as supplementary information, in accordance with U.S. generally accepted accounting principles. In addition to meeting state law, the audit also helps to ensure the city’s quality controls, fiscal management, and adherence to accounting standards.

The auditors have issued an unmodified “clean” opinion on the city’s financial statements and have identified areas for improvement, which will help staff to prepare for future audits.

The city of Goodyear Audit Subcommittee, consisting of Vice Mayor Hampton, Councilmember Lauritano, and Councilmember Bray, reviewed these reports and other comments from the auditors on November 28, 2022.

A copy of the ACFR is on file with the City Clerk’s Office and an electronic copy has been provided to the Council and posted on the city’s website.

Staff will present the results of the Annual Comprehensive Financial Report to City Council and the independent auditor will present their findings directly to City Council and respond to any question. This item specifically satisfies the requirements of Arizona Revised Statute 9-481 that reference the auditors presenting directly to the governing body.

STAFF ANALYSIS

The Audit Subcommittee and Finance department staff have reviewed the ACFR and annual audit reports and found that they are in compliance with state law and city policies. They are in support of the proposed acceptance.

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