Auditors on site; staff to present ACFR to council in December, treasury note to be reinvested

City staff told the Financial Review Committee that auditors were on-site for final field work and that, as of the meeting, auditors had reported no findings. Because of American Rescue Plan Act (ARPA) funding, the auditors included a federal single-audit scope this year.

Staff said it expects to bring the annual comprehensive financial report (ACFR) to the City Council at the first meeting in December. Separately, staff reported a $3,000,000 Treasury note maturing Oct. 31 and intends to reinvest the proceeds in another five-year Treasury note as part of the citys current laddering strategy.

Committee members asked about the audit timeline and staff described interim field work and final on-site work in May and again during the current week; staff said they expect the final ACFR to be ready for the December council meeting. No audit findings were reported at the meeting.

The committee had no additional reports and the next regular FRC meeting was scheduled for Jan. 31, 2023.