SUBJECT:
Title
Update on the 2023 Annual Comprehensive Financial Report and Audit Report
Body
DEPARTMENT: Finance
Department
PRESENTER(S): Sara Hancock, Director of Finance
Alli Ventre, Director, CliftonLarsonAllen, LLP
Allison Slife, Principal, CliftonLarsonAllen, LLP
First Name Last Name, Title
TIME ESTIMATE: 45 minutes
only required for non-consent items
FISCAL SUMMARY: Not Applicable
POLICY ISSUES:
Understanding and awareness of annual comprehensive financial report for 2023 and finalization timeline.
STAFF RECOMMENDATION:
Recommendation
No action required - information purposes only.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Annual Comprehensive Financial Report (ACFR) is the Town of Erie's official annual financial report. The audit of the financial statements for the year ended Dec. 31, 2023 was performed by CliftonLarsonAllen LLP (CLA). This report is still in draft form, as representatives from CLA will discuss. The finalization of the document has no impact on the overall financials or the Town's overall position. The Town has an anticipated favorable report (i.e., an unmodified opinion).
Included is a brief commentary on the annual audit report status. Representatives from CLA will also provide comments on the audit and internal control findings and will be available for questions.
ACFR & Audit Extension for 2023 Filing
CLA requested that the Town apply for an extension with the State of Colorado Auditor's Office for the 2023 filing. This was due to several factors, which CLA and Finance will discuss. Currently, CLA is able to report:
* The Town is on track for September issuance with tentative clean opinion, with one major program in the current year for single audit.
* There are two preliminary audit findings:
o Turnover at the leadership level revealed several succession gaps for the overall year-end close. CLA is recommending that the Town formalize year-end processes and ensure cross-tra...
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