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Council accepts FY2023–24 annual comprehensive financial report; work session set for Feb. 18
Summary
Finance director Justin Sorensen presented the Annual Comprehensive Financial Report and said the report and the single-audit are available on the city website. Council accepted the ACFR; a Feb. 18 work session will examine details.
Justin Sorensen, Ogden City finance director, presented the city's Annual Comprehensive Financial Report (ACFR) to the council on Jan. 7 and showed where residents can find the report and the single-audit on the city's website.
Sorensen highlighted three parts of the ACFR — introductory materials including the management discussion and analysis, the financial section with the statements and required supplementary information, and a statistical section with trend and capacity data. He said the city received the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting for fiscal year 2023 and has applied for fiscal 2024.
Key figures Sorensen cited: overall fund balances and enterprise funds increased by just over 4%; the city reduced long-term debt by about $12 million but added approximately $443 million in debt related primarily to the Wonder Block development parking garages; and the city invested over $61 million in capital improvements such as water, sewer, roads and vehicle/equipment replacement.
Sorensen and staff said they will prepare a budget opening to correct the two audit findings flagged earlier by the auditors: the fund-balance percentage and the unrecognized grant in the strike-force fund. Council member Myers moved to accept the ACFR; council member Hyer seconded the motion. A voice vote was unanimous to accept the report for review.
Ending: Sorensen said staff will monitor investment unrealized gains monthly so accounting recognition does not create future state-compliance surprises and the council will discuss the ACFR in a Feb. 18 work session.
