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WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor ©2020 CliftonLarsonAllen LLP City of Glendale, Arizona Council Meeting June 30, 2022 June 13, 2023 ©2020 CliftonLarsonAllen LLP Create Opportunities June 30, 2022 Audit Summary • Reports Issued – Governance Communication – Annual Comprehensive Financial Report – Single Audit Report – Highway User Revenue Report – Annual Expenditure Limitation Report – HUD Real Estate Assessment Report – Landfill Assurance Agreed Upon Procedures 2 ©2020 CliftonLarsonAllen LLP Create Opportunities Annual Comprehensive Financial Report (ACFR) • Unmodified (“clean”) opinion – Audit basic financial statements – Provide an in-relation-to opinion on the combining and individual nonmajor fund financial statements and schedules – Provide an in-relation-to opinion on the financial data submission schedules – Disclaim an opinion on the required supplementary information, introductory section and statistical section 3 ©2020 CliftonLarsonAllen LLP Create Opportunities ACFR • Risk Based Approach – Management override of controls – Revenue recognition ◊Assertions: Existence and Cut-off – Financial close – New Lease Standard 4 ©2020 CliftonLarsonAllen LLP Create Opportunities Single Audit • Government Auditing Standards Report – Report on internal controls; do not provide an opinion – Material weaknesses – material audit adjustments – No significant deficiencies 5 ©2020 CliftonLarsonAllen LLP Create Opportunities Single Audit Report • Report on compliance for each major program, on internal control over compliance and the schedule of federal expenditures – Provide an opinion on compliance – Do not provide an opinion on controls, but report on controls – Provide an in-relation-to opinion on the schedule of federal expenditures 6 ©2020 CliftonLarsonAllen LLP Create Opportunities Single Audit Report • Major Programs Tested – 14.871 – Housing Voucher Cluster ($10,046,441) – 14.231 – COVID19 Emergency Solutions Grant ($2,483,789) – 21.023 – COVID19 Emergency Rental Assistance ($19,458,498) – 21.027 – ARPA – Local Fiscal Recovery ($9,363,577) • Schedule of Expenditures of Federal Awards – Total Federal Awards Expended: $53,079,946 – Total Coverage: 78% • Results – Unmodified (“clean”) opinion – No significant deficiencies or material weaknesses over compliance 7 ©2020 CliftonLarsonAllen LLP Create Opportunities Highway User Revenue Fund (HURF) • Provide an examination opinion on compliance with Arizona Revised Statutes • Select a sample of: – Accounts payable disbursements – Payroll and payroll related disbursements – Transfers • Issued a clean opinion, no findings 8 ©2020 CliftonLarsonAllen LLP Create Opportunities Agreed Upon Procedures • Issued a clean opinion, no findings • Test specific attributes outlined in the agreed upon procedures • Landfill Assurance • HUD REAC Assessment 9 ©2020 CliftonLarsonAllen LLP WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor Ann Fang, CPA Manager Ann.Fang@CLAconnect.com