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Controller says 2024 audit is active; city aims to return to annual GAAP reporting cadence by 2026-2027
Summary
City Controller Jeff McKim reported that the 2024 audits are active, auditors are not waiting on city deliverables, and the office aims to complete the 2024 audit and restore issuance of the 2025 report by the September 2026 deadline.
City Controller Jeff McKim briefed the Common Council on March 4 about the status of the city's Annual Comprehensive Financial Report (ACFR) and related audits. "The 2024 audits are active and progressing," McKim said, adding that auditors are receiving timely responses and that additional testing requests could continue as the audit proceeds.
McKim reviewed the administrative context: Bloomington moved to GAAP reporting following a 2017 state law change that required larger bond‑issuing units to prepare GAAP financials; GAAP reporting is more comprehensive and requires government‑wide statements, capital asset reconciliation and long‑term liabilities. The controller noted pandemic disruptions and auditor transitions from 2020–2022, and said implementing GAAP accounting and recent office transitions created delays. The office's objective is to complete the 2024 audit as soon as practicable and restore issuance of the 2025 ACFR by September 2026 to reestablish a sustainable annual cadence. McKim said city staff are implementing process improvements around capital asset tracking and earlier year‑end preparation.
Council members had no questions after the presentation.
