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Finance staff outlines annual audit timeline, new GASB standards and software changes
Summary
The finance team briefed commissioners on the FY2025 audit schedule, implementation of GASB 101 and 102 requirements, planned use of Debtbook and a reporting solution, and an expanded annual comprehensive financial report (ACFR).
Erin, a finance staff member, explained the city’s audit steps for the fiscal year ended June 30 and outlined new accounting standards and software the department is adopting.
Erin described the audit timeline: planning work that began in July, prepared-by-client items (about 110 requested items), prepared-by-actuary reports (pension, health plan, workers’ compensation) due in draft soon, adjusting journal entries (about 63 at this stage), field work…
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