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CITY of RAPID CITY Agenda Item Summary |
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Meeting Date: April 7, 2014 |
Commission, Board or Committee: NA |
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Staff Contact: Pauline Sumption |
L&F Committee: 04/02/2014 |
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Petitioner: |
City Council Hearing: 04/07/2014 |
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Location: |
City Council 2nd Reading: |
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Agenda Title: |
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Acknowledge FY2013 Annual Financial Report |
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Summary: |
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State statute requires that the finance office provide an annual financial report to the governing body of the municipality at the first meeting in March following the fiscal year. The City is able to request a 30-day extension, which we did and was granted, making the report due at the first meeting in April. Before you is a VERY ROUGH DRAFT of the FY2013 Annual Report. There are many year-end adjustments that still need to be made – including cash, accounts payable, accounts receivable and fixed assets. We are continuing to work on the report for the auditors, which will begin their field work in May. It is typical for the Finance Office to provide a very rough draft when required as we are limited in staff that is able to work on this extensive project. In addition, we have changed our processes to hopefully alleviate an audit comment regarding segregation of duties and oversight of the annual report process. In the past, the Deputy Finance Officer has completed some of the work, with the Finance Officer completing the majority of the process. For 2013, the Grants Compliance and Financial Reporting Manager has done most of the legwork, preparing the journal entries to be made. The Finance Officer has been reviewing these journal entries, noting corrections that need to be made, and when final, given them to the Deputy Finance Officer for posting. While this is very important to separate these duties, it is very time consuming. We respectfully request your acknowledgement of this report with the understanding that it is in a very rough format and additional adjustments will be made. |
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Funding Source & Fiscal Impact (if applicable): |
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None |
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Recommendation: |
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Action: Acknowledge Notes: |
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Options: |
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