AGENDA TITLE:
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Receive and File City’s Annual Comprehensive Financial Report for Fiscal Year 2023/24 by Lance, Soll & Lunghard, LLP (LSL, LLP)
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MEETING DATE:
July 16, 2025
PREPARED BY:
Chia Lor, 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 2023/24.
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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 complied with all agreements and covenants to obtain grant funds and debt financing. LSL, LLP issued both an “unqualified opinion” and “qualified opinion” on the financial position of the governmental activities, business-type activities, each major enterprise fund, and the aggregate remaining fund information. Partners 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 also available to the public by contacting the Financial Services Division or the City’s website at www.lodi.gov <https://www.lodi.gov/Archive.aspx?AMID=40> 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 2023/24 financial reports to acknowledge the City’s Annual Comprehensive Financial Report for the Fiscal Year Ended June 30, 2023.
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 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.