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16 THE CITY OF ON CITY COUNCIL AGENDA REPORT PLEASANTON- February 7, 2023 Finance TITLE: ACCEPT THE ANNUAL COMPREHENSIVE FINANCIAL REPORT (ACFR) AND OTHER RELATED AUDITS FOR THE FISCAL YEAR ENDING JUNE 30, 2022 SUMMARY Each year the City is required to prepare audited financial statements in addition to several related reports, which the City Council reviews and formally accepts. Copies of these reports have been distributed to all Council members. The reports are also attached to the staff report for your reference. As in all other years, for Fiscal Year 2022/23 the City has received an unmodified, or clean, opinion on the financial statements from its auditors Lance, Soll & Lunghard, LLP (LSL). In addition, all requirements have been met to achieve the highest standard in government accounting and financial reporting: the Certificate of Achievement for Excellence in Financial Reporting issued by the Government Finance Officers Association (GFOA) of the United States and Canada. The City has received this certificate annually for the last 25 consecutive years. AUDIT COMMITTEE RECOMMENDATION The Audit Committee (Vice Mayor Balch and Councilmember Nibert) reviewed these reports on January 30, 2023, and recommends that the reports be formally accepted by City Council. A representative from LSL attended the meeting and presented the audit process and results to the committee, and staff presented the FY 2021/22 financial performance. There were no findings resulting from the FY 2021/22 audit. RECOMMENDATION Accept the audited Annual Comprehensive Financial Report and other related reports for FY 2021/22. FINANCIAL STATEMENT There is no direct fiscal impact in accepting the FY 2021/22 audited Annual Comprehensive Financial Report and other related reports.