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ITEM #: 12.
DATE: 12/09/2024
AI #:2072

CITY COUNCIL ACTION REPORT

SUBJECT:

2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT (ACFR) AND AUDIT RESULTS

STAFF PRESENTER(S):

Finance Director, Jared Askelson

OTHER PRESENTER(S):

Heinfeld Meech & Co. Auditor, Jill Shaw CPA

SUMMARY

Acceptance of the Fiscal Year 2024 Annual Comprehensive Financial Report (ACFR) and audit results.

STRATEGIC PLAN ALIGNMENT

RECOMMENDATION

Provide the Fiscal Year 2024 Annual Comprehensive Financial Report (ACFR) and audit results. No action is required. (Jared Askelson, 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. Heinfeld Meech & Co. performed an independent audit of the financial statements for fiscal year 2024. 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 Councilmember Hampton, Councilmember Lauritano, and Councilmember Gillis, reviewed these reports and other comments from the auditors on November 25, 2024. 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 references 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 (Attachment A) and found that they are in compliance with state law and city policies. They are in support of the proposed acceptance.

Attachments

Attachment A 2024 ACFR

Staff Presentation