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 |
Julie Elsom |
Finance Manager |
|
Finance |
Nida Hermoso |
Finance Manager |
TITLE:
title
2022 Financial Audit Exit Conference
OVERVIEW STATEMENT:
recommendation
Staff from the office of the Washington State Auditor will share the results of the City’s 2022 financial audit and draft reporting.
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 performed 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 was 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.
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 cost for 2022 audit was estimated to be $122,000.
Approved in current biennial budget: ☒ Yes ☐ No ☐ N/A
Budget Offer Number:
21
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 |
|
5/28/2024 |
Study Session |
Receive Information |
Proposed Upcoming Contact(s)
|
Date |
Meeting |
Requested Action |
|
N/A |
None proposed at this time |
N/A |
Time Constraints:
N/A
ANTICIPATED RESULT IF NOT APPROVED:
N/A
ATTACHMENTS:
Attachment A: City of Redmond 2022 Financial Audit Exit Conference Packet