AGENDA TITLE:
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Receive and File City’s Annual Comprehensive Financial Report for Fiscal Year 2022/23 By Lance, Soll & Lunghard, LLP (LSL) (FIN)
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MEETING DATE:
January 3, 2024
PREPARED BY:
Melissa Munoz, Accounting Manager
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RECOMMENDED ACTION:
Receive and file City’s Annual Comprehensive Financial Report submitted by Lance, Soll & Lunghard, LLP (“LSL, LLP”) and the Internal Services Department for Fiscal Year 2022/23.
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BACKGROUND INFORMATION:
The annual audit was conducted to assure the City Council and other interested parties that the City’s financial records and reports are prepared in accordance with generally accepted accounting principles (GAAP), that internal controls are adequate to safeguard the City against loss from unauthorized use or disposition of assets, and that the City has compiled with all agreements and covenants to obtain grant funds and debt financing. LSL, LLP issued an “unqualified opinion.” Brandon Young, Partner of LSL, LLP will be present to answer questions during the Council meeting.
The reports will be provided to federal and State oversight agencies, bond trustees and insurance companies for their review and evaluation. Copies of the reports are provided to the City Council and are also available to the public by contacting the Financial Services Division or on the City’s website at www.lodi.gov <http://www.lodi.gov> and at the Lodi Public Library.
The City received a Certificate of Achievement for Excellence in Reporting from the Government Finance Officers Association of United States and Canada (GFOA) for the 30th year. A copy of the GFOA certificate is included in the 2022/23 financial reports.
STRATEGIC VISION:
3A. Fiscal Health: Promote City's transparency & fiscal fluency.
FISCAL IMPACT:
By law and good management practice, the City’s financial records are audited by independent auditors according to Generally Accepted Auditing Standards. Well-maintained financial records are the cornerstone by which the City fulfills its fiduciary responsibilities to the public.
FUNDING AVAILABLE:
Not applicable.
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Melissa Munoz
Accounting Manager
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Andrew C. Keys
Interim City Manager