To: Honorable Mayor and Members of City Council
From: Rajneil Prasad, Finance Director
Prepared By: Paul Phangureh, Deputy Finance Director
TITLE:
Title
Single Audit Report for Fiscal Year Ended June 30, 2024
LABEL
RECOMMENDED ACTION:
Recommendation
Accept and file the City’s Single Audit Report for the fiscal year ended June 30, 2024.
Body
DISCUSSION:
The Single Audit, also known as the OMB Uniform Guidance, is an organization-wide audit of an entity that annually expends $750,000 or more in federal financial assistance. Local governments are required to obtain an audit according to the federal Single Audit Act Amendments of 1996 (31 U.S.C. 7501-7507). The City engaged Lance, Soll and Lunghard (LSL), LLP, a certified public accounting firm, to conduct the Single Audit for the fiscal year ended June 30, 2024. These audits are performed per Generally Accepted Governmental Auditing Standards. They also assess internal controls over federal programs and how these controls are working, as well as a test of compliance with federal requirements. The City’s auditors identified one material weakness, and one significant deficiency related to internal controls over financial reporting. Management provided their responses and planned corrective actions within the Single Audit Report. In regard to internal controls over Federal Awards major programs, the City’s auditors did not find any material or significant deficiencies.
FINANCIAL IMPACTS:
There is no fiscal impact as a result of accepting these informational reports.
CEQA:
The Finance Director has determined that the recommended action described in this agenda report is not subject to CEQA, pursuant to CEQA guidelines Section 15060(c).
DOCUMENTS ATTACHED:
ATCH 1 - FY23-24 Single Audit Report
NOTIFICATION:
None.