TO: Mayor and Members of City Council
THRU: Douglas J. Hewett, City Manager
FROM: Rose Rasmussen, CIA, CFE, Internal Audit Director
DATE: September 23, 2024
RE:
Title
Audit Committee Annual Report to City Council
end
COUNCIL DISTRICT(S):
Council District(s)
All Districts
b
Relationship To Strategic Plan:
Goal 5: Financially Sound City Providing Exemplary City Services.
Executive Summary:
City Council established the Audit Committee as an advisory committee whose primary purpose is to assist the City Council in fulfilling its oversight responsibilities for the overall stewardship of the City’s financial affairs.
Background:
The Audit Committee met four times during fiscal year 2024. The Audit Committee assisted the City Council by reviewing financial information, reviewing management reports, and providing independent recommendations regarding scope, priority, and methods of audit related activities within the City.
The Audit Committee has five voting members consisting of three City Council members and two members of the business community with experience in the financial industry.
Issues/Analysis:
Key highlights of the Audit Committee for July 2023 to June 2024 included: 2 new audit reports issued and approved with 1 of 1 recommendation accepted by management; and 7 follow-up audit report issued and approved.
Budget Impact:
None
Options:
Accept the report or request additional information from the staff or the Committee.
Recommended Action:
Accept report as presented.
Attachments:
Audit Committee Annual Report for Fiscal Year 2024
Internal Audit Annual Report for Fiscal Year 2024