3_COUNCIL_PRESENTATION_ACFR_MEMO.PDF

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MEMORANDUM 
TO: 
Mayor and Council 
FROM: 
Laura Calder, Financial Services Director, 
DATE: 
2/5/2025 
SUBJECT: Fiscal Year 2024/25 Financial Reporting Package 
 
 
Background 
Arizona State Statutes requires Council approval and compliance with the related statutes and that the 
CPA performing the financial audit present the results and any findings to the governing body during a 
regular meeting and not on the consent agenda within ninety days after completion of the audit. Each 
fiscal year, the following are issued by the City or its independent external auditor. 
As indicated, certain reports are included in this Financial Reporting Package, and certain reports, 
statutorily, are not yet due and are still being completed for fiscal year 2024/25. 
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The following reports are completed and included in the reporting package: 
o Communication to Governance Letter - Issued by the external auditor 
o Annual Comprehensive Financial Report - Issued by the City and includes the 
Independent Auditor’s Report 
o Independent Account’s Report on highway user revenue fund activities - Issued by the 
external auditor 
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The following are not yet due (due:3/31/26) and are still being completed by the external auditor: 
o Single Audit 
o Annual Expenditure Limitation Report 
o Housing Assistance Fund Financial Statements 
o Report on Applying Agreed-Upon Procedures Biennial Certification of Land Use 
Assumptions, Infrastructure Improvement Plan and Development Impact Fees (issued 
biannually) 
Compliance 
The City is required to comply with Arizona Revised Statute (ARS) 9-481. This statute requires the 
certified public accountant who performed the audit to present the audit results and any findings to the 
governing body in a regular meeting without the use of a consent agenda. The presentation and 
reporting package complies with the statute. Acceptance of this reporting package also demonstrates 
compliance with ARS 41-1494, which is referenced in ARS 9-481. ARS 41-1494 prohibits the use of 
public funds for training, orientation or therapy that presents any form of blame or judgment on the 
basis of race, ethnicity or sex.