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
2024 Financial Audit Entrance Conference
OVERVIEW STATEMENT:
recommendation
Staff from the Office of the Washington State Auditor will discuss the scope, timing, and cost of the 2024 Financial 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 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 delay in the timing of the 2024 audit due to the implementation of the City’s new Financial System (D365), which went live in July 2023, and the 2024 Financial Audit has a target completion date of May 2026. The delay may also impact the timing of the 2025 audit, but at this time, a delay in the 2025 and subsequent audits is not anticipated.
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 total cost of the 2024 Financial Audit is estimated to be $149,213.
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 - 2024 Financial Audit Exit Conference |
Receive Information |
Time Constraints:
N/A
ANTICIPATED RESULT IF NOT APPROVED:
N/A
ATTACHMENTS:
Attachment A: City of Redmond 2024 Financial Audit Entrance Conference Overview