Item 06 - FY 2022-23 Annual Comprehensive Financial Report, Related Audit Reports, and Measure X Agreed-Upon-Procedures Report

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Fiscal Year 2022-23 Annual Comprehensive Financial Report, Related Audit Reports, and Measure X Agreed -Upon -Procedures Report January 16, 2024 Page 3 Single Audit Report — Not Included Herein The City is also required to have a Single Audit of federal financial assistance by March 31 following each fiscal year. Staff expects the Single Audit Report will be issued during February 2024 and will be presented to the City Council shortly thereafter. SEPARATELY ISSUED REPORTS In addition to the ACFR and the AQMD reports, CLA performed the following Agreed - Upon Procedures (AUP) examinations. roariation Limit Calculations, also known as GANN Limit (Exhibit 5 The GANN limit established the appropriations limit on expenditures for publicly funded programs in accordance with Section 1 of Article XIII of the California Constitution. The Accounting Division is pleased to report that no findings were noted as a result of this AUP Review. Citv's Compliance with the Statement of Investment Policv (Exhibit 6 The City elected to have the auditor confirm the City's compliance with its Investment Policy. The Accounting Division is pleased to report that no findings were noted as a result of this review. Measure X Agreed -Upon -Procedures Report (Exhibit 7) In accordance with SAMC 35-216, staff has prepared an annual report that includes the list of expenditures made with Measure X money for FY 2022-23. In accordance with SAMC 35-215, the City's independent auditor has reviewed the annual report prepared by staff, verified the numbers presented, and opined the numbers are fairly stated. On December 13, 2023, the audit engagement partner presented the report to the Measure X Citizens Oversight Committee, in accordance with Section 6 of Resolution No. 2019- 008 (the Committee's establishing resolution). We expect the Committee will prepare its annual report and make recommendations to the City Council in time for the budget process, in accordance with the same establishing resolution. As part of the fiscal year 2022-23 audit, CLA offered to meet with each City Council Member individually to allow for transparency of the audit process and facilitate open communication. The City Council also has direct access to the independent auditors throughout the year. FISCAL IMPACT There is no fiscal impact associated with this action. EXHIBITS 1. Audit Opinion Letter 2. Government Auditing Standards (GAS) Letter 3. Governance Letter