BACKGROUND/DISCUSSION:
At the end of each fiscal year, the financial transactions of the City are reviewed by external auditors. The objective of the audit is to express an opinion as to whether the basic financial statements are fairly presented, in all material aspects, in conformity with generally accepted accounting principles, are free from material misstatement, and to report on the fairness of the supplementary information when considered in relation to the basic financial statements as a whole. The audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
Jenifer Ripka of Weaver and Tidwell, L.L.P. will present the annual report.
A hard copy of the final report will be available at the meeting.
FINANCIAL IMPACT:
The charge for audit services will be $45,000.
RECOMMENDATION:
This item is informational only. There is no action required.