SUBJECT:
Title
Presentation of the 2024 Annual Comprehensive Financial Report and Audit
Department
DEPARTMENT: Finance
Presenter
PRESENTER(S): Sara Hancock, Director of Finance
Anne Penney, Deputy Director of Finance
end
Allison Slife, Principal, CliftonLarsonAllen LLP
Time
TIME ESTIMATE: 30 minutes
end
For time estimate: please put 0 for Consent items.
FISCAL SUMMARY:
N/A
Policy
POLICY ISSUES:
Understanding and awareness of the Annual Comprehensive Financial Report for 2024.
Recommendation
STAFF RECOMMENDATION:
No action required - information purposes only.
Body
SUMMARY/KEY POINTS
? 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, 2024, was performed by CliftonLarsonAllen LLP (CLA).
? CLA issued an unmodified opinion on the Town's financials for 2024.
BACKGROUND OF SUBJECT MATTER:
Following is a brief commentary on the annual audit report. Representatives from CLA will also provide comments on the audit and internal control findings and will be available for questions.
Annual Comprehensive Financial Report Summary
For readers new to ACFRs, reading management's discussion and analysis (MD&A) provides a good starting point. The MD&A provides an analysis and overview of the financial statements and results of operations. It also provides explanations of the various sections of the ACFR. In addition to the financial statements themselves, the footnotes are also a critical part of the ACFR. The footnotes provide information on accounting policies followed by the Town in preparation of the ACFR, details on specific financial statement items (e.g., deposits and investments), along with other important disclosures. Including the MD&A, the ACFR consists of four sections, as follows:
* The introductory section includes a table of contents, a letter of transmittal, the GFOA Certificate of Achievement, and a ...
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