SUBJECT
Presentation with possible action of the FY2023-2024 Annual Comprehensive Financial Report (ACFR) prepared by the City of Laredo's Financial Services Department and audited by the Independent Audit Firm of Canales, Garza, and Baum, P.L.L.C.
PREVIOUS COUNCIL ACTION
N/A
BACKGROUND
Article VI, Section 6.11 of the City Charter requires that an annual audit of all funds of the City be conducted by an independent certified public accounting firm. The Annual Comprehensive Financial Report (ACFR) consists of four parts: (1) The Introductory Section includes the transmittal letter and a management and discussion analysis, which highlights significant aspects of financial operations during the year and particular financial issues faced by the City, an organization chart, and a list of principal City officials. (2) The Financial Section includes the independent auditor's report, basic financial statements, and related notes, and supplement financial data. (3) The Statistical Section includes several exhibits and tables of unaudited data depicting the financial history of the City as well as demographic and other miscellaneous statistics. (4) The Single Audit Section and the U.S. Office of Management and Budget Circular A-133, Audit of State and Local Government and Non-Profit Organizations. This section includes the Reports on Compliance on Internal Controls over Financial Reporting and a Report on Compliance with Requirements Applicable to each Major Program and a Schedule of Expenditures of Federal and State Awards. The City will forward its Annual Comprehensive Financial Report to the Government Officers' Association for grading towards a thirty-six Certificate of Achievement of Excellence in Financial Reporting.
COMMITTEE RECOMMENDATION
None.
STAFF RECOMMENDATION
Staff recommends the acceptance of the FY 2023-2024 Annual Comprehensive Financial Report.