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HomeMy WebLinkAbout~Master - Approving the Annual Comprehensive Financial Report for Fiscal Year ended June 30, 2024RESOLUTION NO. 25-041 RESOLUTION APPROVING THE ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR FISCAL YEAR ENDED JUNE 30, 2024 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, 2024, 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 fiduciary fund, the aggregate discretely presented component unit, each major fund, and the aggregate remaining fund information of the City as of June 30, 2024, 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 or material audit adjustments; 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, 2024 audit. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the Annual Comprehensive Financial Report for Fiscal Year ended June 30, 2024, is hereby approved. ADOPTED THIS 11th day of February, 2025. _________________________________ ___________________________________ Renee Hall, City Clerk John A. Haila, Mayor Introduced by: Junck Seconded by: Corrieri Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Rollins Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 11th day of February, 2025.