TO: Members of the City Council
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
|
Finance |
Kelley Cochran |
425-556-2748 |
DEPARTMENT STAFF:
|
Finance |
Julie Elsom |
Finance Manager |
TITLE:
title
2022 Financial Audit Entrance Conference
OVERVIEW STATEMENT:
recommendation
During the entrance conference, the state auditors will discuss the audit scope, timing, and cost of the 2022 audit.
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☐ Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
☒ Receive Information ☐ Provide Direction ☐ Approve
REQUEST RATIONALE:
• Relevant Plans/Policies:
N/A
• Required:
N/A
• Council Request:
N/A
• Other Key Facts:
N/A
OUTCOMES:
The auditor will perform a financial statement audit 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.
There is a planned delay in the timing of the 2022 audit due to the implementation of the City’s new Financial System (D365), which went live in July 2023. The delay will also impact the timing of the 2023 audit. A delayed audit is typical when financial systems are impacted, and the City has been working in partnership with the State Auditor’s Office to allow for the exception to the standard audit practice. The creation of the City’s 2023 financial statements is currently underway but cannot be finalized until the 2022 audit has been completed. Staff expects to complete the 2022 audit in July and begin the 2023 audit by September.
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:
N/A
Approved in current biennial budget: ☐ Yes ☐ No ☒ N/A
Budget Offer Number:
N/A
Budget Priority:
N/A
Other budget impacts or additional costs: ☐ Yes ☐ No ☒ N/A
If yes, explain:
N/A
Funding source(s):
N/A
Budget/Funding Constraints:
N/A
☐ Additional budget details attached
COUNCIL REVIEW:
Previous Contact(s)
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Date |
Meeting |
Requested Action |
|
N/A |
Item has not been presented to Council |
N/A |
Proposed Upcoming Contact(s)
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Date |
Meeting |
Requested Action |
|
N/A |
None proposed at this time |
N/A |
Time Constraints:
The entrance conference should be held as soon as possible so the 2022 audit can proceed.
ANTICIPATED RESULT IF NOT APPROVED:
N/A
ATTACHMENTS:
Attachment A: Redmond Entrance Conference