TO: Members of the City Council
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
|
Finance |
Kelley Cochran |
425-556-2748 |
DEPARTMENT STAFF:
|
Finance |
Haritha Narra |
Deputy Finance Director |
|
Finance |
Nida Hermoso |
Accounting Manager |
TITLE:
title
Entrance Conference for 2025 Financial Audit, CFD 2014-01 Accountability Audit, and CFD 2016-01 Accountability Audit
OVERVIEW STATEMENT:
recommendation
Staff from the Office of the Washington State Auditor will discuss the scope, timing, and cost of the 2025 Financial Audit, CFD 2014-01 Accountability Audit, and CFD 2016-01 Accountability Audit.
body
☒ Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
☒ Receive Information ☐ Provide Direction ☐ Approve
REQUEST RATIONALE:
• Relevant Plans/Policies:
In accordance with generally accepted accounting principles, cities over 2,500 in population must have an annual audit.
• Required:
N/A
• Council Request:
N/A
• Other Key Facts:
N/A
OUTCOMES:
The mission of the Office of the Washington State Auditor is to provide independent and transparent examinations of how state and local governments use public funds and develop strategies that make government more efficient and effective.
The auditor will perform a financial statement audit for 2025 to provide an independent opinion on the City’s financial statements and results of operations to determine if the financial statements present a reliable, accurate picture of the City’s finances.
For CFD 2014-01 and CFD 2016-01, an accountability audit will be performed for the period of January 1, 2022-December 31, 2024.
COMMUNITY/STAKEHOLDER OUTREACH AND INVOLVEMENT:
• Timeline (previous or planned):
N/A
• Outreach Methods and Results:
N/A
• Feedback Summary:
N/A
BUDGET IMPACT:
Total Cost:
The estimated cost of the 2025 Financial Audit will be available once audit planning procedures have been completed by staff from the Office of the Washington State Auditor.
The estimated cost for the CFD 2014-01 Accountability Audit is $17,285, plus travel expenses.
The estimated cost for the CFD 2016-01 Accountability Audit is $17,285, plus travel expenses.
Approved in current biennial budget: ☒ Yes ☐ No ☐ N/A
Budget Offer Number:
297 (Fiscal Accountability)
Budget Priority:
Strategic and Responsive
Other budget impacts or additional costs: ☐ Yes ☒ No ☐ N/A
If yes, explain:
N/A
Funding source(s):
General Fund
Budget/Funding Constraints:
N/A
☐ Additional budget details attached
COUNCIL REVIEW:
Previous Contact(s)
|
Date |
Meeting |
Requested Action |
|
N/A |
Item has not been presented to Council |
N/A |
Proposed Upcoming Contact(s)
|
Date |
Meeting |
Requested Action |
|
TBD |
Special Meeting |
Receive Information |
Time Constraints:
N/A
ANTICIPATED RESULT IF NOT APPROVED:
N/A
ATTACHMENTS:
Attachment A: City of Redmond 2025 Financial Audit Entrance Conference Agenda
Attachment B: CFD 2014-01 Accountability Audit Entrance Conference Agenda
Attachment C: CFD 2016-01 Accountability Audit Entrance Conference Agenda