Title
Report regarding a resolution accepting the Annual Comprehensive Financial Report (ACFR) and other related miscellaneous reports for Fiscal Year 2023-24 (Karen Chang, Finance Director)
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RECOMMENDATION
Recommendation
Staff recommends that the City Council review and accept the Audited Financial Statements for the City of South San Francisco for the fiscal year ended June 30, 2024.
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BACKGROUND/DISCUSSION
Summary
Each year, the City of South San Francisco is required to prepare audited financial statements in addition to a number of related reports. This action requests that City Council formally accept these reports. A copy of the Annual Comprehensive Financial Report (ACFR) is available for public inspection on the City's website.
For FY 2023-24, the City has received an unmodified or clean opinion on the financial statements from its auditors Maze & Associates (Maze). In addition, all requirements have been met to achieve the highest standard in government accounting and financial reporting: the Certificate of Achievement for Excellence in Financial Reporting issued by the Government Finance Officers Association (GFOA) of the United States and Canada. The City of South San Francisco has received this certificate annually for the last 21 consecutive years.
Background
The City's independent auditors, Maze, have completed the audit of the City's financial transactions and internal controls for FY 2023-24. The following reports are prepared by the City of South San Francisco and audited by the City's independent auditors. Maze also reviewed the City's Appropriations Limit Calculation for fiscal year 2023-24.
* Annual Comprehensive Financial Report (ACFR) is the overall financial report for the entire city organization and provides information about the financial results of operations and numerous required disclosures. This is the financial report prepared by the City and audited by the independent auditors to provide reasonable assurance th...
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