TO: Mayor and Members of City Council
THRU: Douglas J. Hewett, City Manager
FROM: Rose Rasmussen, CIA, Internal Audit Director
DATE: April 10, 2023
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 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 2022. 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 2021 to June 2022 included: 5 audit reports issued and approved with 13 of 14 recommendations accepted by management; 1 follow-up audit report issued and approved; and the fiscal year ending June 30, 2021 Comprehensive Annual Financial Report received and approved.
Internal audit reports released and approved by the Audit Committee since July 1, 2022:
(1) Police Department Confidential Funds, (2) Subrecipient Grant Monitoring, and (3) Procurement Card.
Budget Impact:
None
Options:
Accept the report or request additional information from staff or the Committee.
Recommended Action:
Accept the report as presented.
Attachments:
Audit Committee Annual Report for Fiscal Year 2022
Internal Audit Annual Report for Fiscal Year 2022