FROM:
Finance
SUBJECT:
Title
Annual Comprehensive Financial Report for Fiscal Year Ended June 30, 2024.
End
RECOMMENDATION:
Recommendation
Receive and File the City of Fontana’s Annual Comprehensive Financial Report (ACFR) for Fiscal Year ended June 30, 2024.
End
COUNCIL GOALS:
• Practice sound fiscal management by producing timely and accurate financial information.
DISCUSSION:
The City of Fontana is required by Fontana Municipal Code Section 10-8 to have the City’s annual financial records audited by an independent audit firm. Section 10-8 states, “The books, accounts, and funds of the City Finance Department, City Treasurer and all special agencies shall be audited by a registered and licensed public accountant at least once a year…” Accordingly, this year’s audit for the City was completed by the accounting firm Eide Bailly LLP.
The primary objectives of a financial audit are: (1) to express an opinion on the fairness of the financial statements in conformity with generally accepted accounting principles; and (2) to determine whether the City has complied with applicable legal requirements in obtaining and expending public funds.
The audit for Fiscal Year 2023-24 was performed in accordance with generally accepted auditing standards. These standards are required to obtain reasonable assurances that the general-purpose financial statements are free from material misstatements.
Eide Bailly LLP has issued an unmodified ("clean") opinion, the highest opinion given for financial statements, to the City for the fiscal year ended June 30, 2024. This opinion states that the general-purpose financial statements present fairly, in all material respects, the financial position of the City of Fontana, as of June 30, 2024, and the results of the City’s operations are in conformity with generally accepted accounting principles.
FISCAL IMPACT:
None.
MOTION:
Approve staff recommendation.