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Controller says AFR filed, audit nearly complete after 2022 reporting error flagged
Summary
Controller Jeff McKim told the finance committee the unaudited AFR was filed Feb. 27 and auditors scheduled an exit conference April 2 for the ACFR; members of the public flagged an error in the 2022 debt-limit table and requested accessible copies and a corrections log.
Controller Jeff McKim updated the Special Finance Committee on the city—s annual financial filings and audit schedule, saying the unaudited annual financial report (AFR) was submitted to the state gateway on Feb. 27 and that auditors have scheduled an exit conference for the audited annual comprehensive financial report (ACFR) on April 2.
The committee heard why the AFR differs from the ACFR and what the public can expect next. McKim said the AFR is a data-driven report produced from the state portal and contains no narrative; the ACFR is the audited, GAAP-based statement that provides broader fiscal context. He told the committee the city has been behind on some filings in recent years but that the 2024 audit process is nearing conclusion and the city expects to be back on schedule for future filings.
Why it…
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