File #: 22-0152    Name: 2021 Audit & Financial Reports
Type: Agenda Item Status: Consent Item
In control: City Council Regular Meeting
On agenda: 2/15/2022 Final action:
Title: Consider/Discuss/Act on the Acceptance of the Annual Comprehensive Financial Report (ACFR) and the Federal/State Single Audit Reports for the Fiscal Year Ended September 30, 2021
Attachments: 1. Single Audit Report, 2. Comprehensive Financial Report

Title

Consider/Discuss/Act on the Acceptance of the Annual Comprehensive Financial Report (ACFR) and the Federal/State Single Audit Reports for the Fiscal Year Ended September 30, 2021

 

Summary

 

COUNCIL GOAL:    Financially Sound Government

4A: Provide funding and organizational framework to ensure continual economic improvements                     

 

MEETING DATE:                     February 15, 2022

 

DEPARTMENT:                      Financial Services

 

CONTACT:                       Mark Holloway, Chief Financial Officer

                     Trudy Mathis, Director of Finance

 

RECOMMENDED CITY COUNCIL ACTION:                     

                     Acceptance of the ACFR and Federal/State Single Audit Reports

 

ITEM SUMMARY: 

                     The ACFR includes the basic and combined financial statements for all City of McKinney funds and component units.

                     The City received an unmodified or “clean” opinion meaning the financial statements present fairly, in all material respects, the City’s financial position.

                     The Federal Single Audit Report presents the activity and compliance of all applicable federal awards.

                     The State Single Audit Report presents the activity and compliance of all applicable state awards.

 

BACKGROUND INFORMATION: 

                     An annual independent audit of the City’s funds and account groups is required by Section 26 of the City of McKinney Charter.

                     On February 3, 2022, the Audit Committee convened an audit review meeting with the City’s external audit firm Weaver. 

o                     Jennifer Ripka, Partner and Claire Wootton, Manager, presented their audit findings and the overall financial position of the City.

o                     The Committee is comprised of Council members Patrick Cloutier, Geré Feltus and Charlie Philips. 

                     Staff is pleased to provide this quality document to the Council and citizens.

FINANCIAL SUMMARY: 

                     The City received an unmodified or “clean” opinion

 

BOARD OR COMMISSION RECOMMENDATION: N/A