For City Council Meeting August 13, 2024
TO: Honorable Mayor and City Council
FROM: G. Michael Milhiser, Interim City Manager
AUTHOR: Mark Alvarado, Interim Finance Director
Title
Request City Council, Rialto Housing Authority, Rialto Utility Authority and Successor Agency to Accept the Fiscal Year 2022-23 Audit Results and Receive and File the Fiscal Year 2022-23 Financial Report and Related Documents.
(ACTION)
Body
RECOMMENDATION
Staff recommends that the City Council, Rialto Housing Authority, Rialto Utility Authority and Successor Agency accept the Fiscal Year 2022-23 audit results and receive and file the Fiscal Year 2022-23 Annual Financial Report and related documents.
BACKGROUND
August 10, 2021, Lance, Soll & Lunghard (LSL) was chosen through council action to be the external audit firm for the City of Rialto (City). LSL was contracted to do the following:
* Audit all funds
* Prepare the City's Annual Comprehensive Financial Report an issue an opinion on the basic financial statements.
* Review the Management Discussion & Analysis and the Required Supplemental Information
* Attend audit related City council and Budget Committee meetings by a Principal of the audit firm.
In order to meet the guidelines set forth in Statement No. 1 of the Governmental Accounting Standards Board (GASB), following the close of each fiscal year the City's external auditors conduct an audit of the City's financial records and assist in the compilation of the Annual Financial Report. The audit is conducted in conformity with the Generally Accepted Auditing Standards (GAAS), which requires that the independent auditing firm plan and perform the audit to obtain reasonable assurance whether the financial statements are free of material misstatement, and that they examine evidence to support the amounts and disclosures in the financial statements. Once complete, an opinion is issued on the fairness of the presentation of the financial position and the results of oper...
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