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
Finance Manager
TITLE:
title
2023 Financial Audit Exit Conference
OVERVIEW STATEMENT:
recommendation
Staff from the office of the Washington State Auditor will share the results of the City's 2023 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 2023 audit due to the implementation of the City's new Financial System (D365), which went live in June 2023. The delay will also impact the timing of the 2024 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 2024 financial statement audit is estimated to start December 2025 with a completion target date of March 2026.
COMMUNITY/STAKEHOLDER OUTREACH AND INVOLVEMENT:
* Timeline (previous or planned):
N/A
* Outreach Methods and Results:
N/A
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