HomeMy WebLinkAbout~Master - Annual Comprehensive Financial Report for Fiscal Year Ended June 30, 2023 RESOLUTION NO. 24-087
RESOLUTION APPROVING ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR FISCAL YEAR ENDED JUNE 30, 2023
FOR THE CITY OF AMES,IOWA
WHEREAS, Iowa Code requires the City to publish a complete set of audited financial
statements presented in conformity with generally accepted accounting principles. These financial
statements, referred to as the Annual Comprehensive Financial Report (ACFR), serve many
purposes including the following: 1) Provide information needed for both financial decision
making and the assessment of financial stewardship; 2) Lend insight into the financial health of
the City; 3) Preserve public and investor trust through financial transparency; 4) Demonstrate
compliance with public decisions concerning the raising and spending of public monies; 5)
Demonstrate the extent to which operating objectives are met efficiently and effectively, using all
resources available for that purpose, and whether it can continue to do so; and 6) Demonstrate
compliance with finance-related legal and contractual provisions; and,
WHEREAS, governmental accounting regulations require that the statements contained in
the ACFR use methods of accounting that do not completely match the method of recording
transactions in the accounting software, which is primarily on a budgetary basis for tracking and
control against the Council approved budget. An extensive effort is required to close out the
accounting records and make the numerous adjusting entries that are required to convert to the
accounting basis required for the ACFR. Because of this, the City produces this financial report
only on an annual basis; and,
WHEREAS, Eide Bailly LLP, Certified Public Accountants, has audited the City's
financial statements as of and for the year ended June 30, 2023, and expressed its opinion on these
statements based on the audit. In the auditor's opinion, the financial statements present fairly, in
all material respects, the respective financial position of the governmental activities,the business-
type activities, the aggregate discretely presented component unit, each major fund, and the
aggregate remaining fund information of the City as of June 30, 2023, 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 with the
exception described below; and,
WHEREAS, the auditor's report on the financial statements is an unmodified or "clean"
opinion. There were no significant deficiencies, but there were material audit adjustments made.
These adjustments were agreed on between the auditors and the staff and were completed during
the audit; and,
WHEREAS, also included with the report is the management letter that discloses any
findings, difficulties in performing the audit,misstatements,disagreements with management, and
other issues that came up during the audit. The letter confirms that there were no other issues to
report related to the June 30, 2023, audit. It does include a statement related to the adjustments
agreed upon.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that resolution approving Annual Comprehensive Financial Report for Fiscal Year ended June 30,
2023, is hereby approved.
ADOPTED THIS 13" day of February, 2024.
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Renee kall, City Clerk John A. Haila, Mayor
Introduced by: Gartin
Seconded by: Junck
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Rollins
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 131"day of February, 2024.