For City Council Meeting [05/09/2023]
TO: Honorable Mayor and City Council
APPROVAL: Arron Brown, Acting City Manager
FROM: Katherine Stevens, Director of Finance
Title
Request City Council, Rialto Housing Authority, Rialto Utility Authority, and Successor Agency to Accept, Review, and file the Fiscal Year 2021-2022 Annual Comprehensive Financial Report and Related Documents.
Body
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.
November 3, 2022, the Provided By Client (PBC) List was provided to the Finance Team at the City and the team began providing documents to LSL in order to prove adequate internal controls and to produce the Annual Comprehensive Financial Report.
ANALYSIS/DISCUSSION
The annual audit for the year ending June 30, 2022, was completed by LSL in conformity with Generally Accepted Auditing Standards (GAAS). The unmodified, or "clean" opinion given in the Independent Auditor's Report states that "... the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Rialto, California, as of June 30, 2022, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America." Attached are the following items:
* Annual Comprehensive Financial Report (Formerly ...
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