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Staff says 2024 financial report work continues; auditors expected to begin in September
Summary
City finance staff told the committee they have filed extension requests and expect external auditors to begin the 2024 audit work around Sept. 1; the 2024 report cannot be completed until the 2023 audit is closed, staff said.
City finance staff updated the City Council finance committee on progress toward completing the city's annual financial report and the timing for the external audit.
Marla, the clerk treasurer, said staff have been working with Baker Tilly and have submitted the materials received so far. She said an extension request was filed to give staff more time to complete the city's report and that the auditors aim to begin fieldwork in early September.
Why it matters: the Comprehensive Annual Financial Report (CAFR) or equivalent audited financial report is the authoritative year‑end statement used by the city, bondholders and rating agencies. Delays can affect reporting timelines and awards such as GFOA recognition, and they can shift audit and staff workloads into later months.
Key points
- Marla said she filed an extension request to the relevant filing authority and that Baker Tilly had estimated 90 to 120 days to complete compilation work once they began.
- Kelly, a city staff member working on the report, explained a sequencing constraint: auditors cannot start the 2024 work until the 2023 audit is complete because auditors need accurate beginning balances. “You can't start a new act for until the audit is done,” Kelly said, emphasizing the dependency between years.
- Staff said they are working through capital assets, subscription and lease schedules and other larger data items that slow compilation. Baker Tilly aims to hand the work to the auditors around Sept. 1.
Follow-up and timelines
Staff said they will continue monthly extension filings until the report is complete and that their goal is to return to a cycle that allows submission to the Government Finance Officers Association (GFOA) without an extension in future years. Committee members asked whether additional city resources were needed; staff said existing coordination with department heads and consultants remains ongoing.
Ending
Staff committed to continue status updates to the committee; auditors are expected to begin fieldwork in September, and staff said they hope to complete work before year‑end so the city can resume its normal filing cadence.
