Title
Consider a memorandum/resolution accepting the annual audit report for the fiscal year ended September 30, 2021.
Summary
DATE: April 19, 2022
TO: Kent Cagle, City Manager
FROM: Jonathan Locke, Executive Director of Finance
SUBJECT: FY 2021 Annual Audit
BACKGROUND AND FINDINGS:
The City Council previously approved the engagement of Belt Harris Pechacek, LLLP to perform the independent audit of the City’s financial records for the fiscal year ended September 30, 2021.
Belt Harris Pechacek, LLLP has completed its audit of the City of Killeen, as well as a Federal Single Audit, and Passenger Facility Charge Audit. Representatives of the firm will present the results of the audit to the City Council.
The City’s audits are required to be performed in accordance with generally accepted auditing standards set forth in the General Accounting Office’s (GAO) Government Auditing Standards, the provision of the Single Audit Act Amendments of 1996, the U.S. Office of Management and Budget (OMB) Uniform Guidance, and Audits of State and Local Governments.
The audit provides reasonable assurance that the financial statements of the City of Killeen for the fiscal year ended September 30, 2021, are free from material misstatement. The audit report has been compiled to meet all required provisions of the Government Accounting Standards Board.
THE ALTERNATIVES CONSIDERED:
1. Reject the annual audit report for the fiscal year ended September 30, 2021.
2. Accept the annual audit report for the fiscal year ended September 30, 2021.
Which alternative is recommended? Why?
Option number 2 is recommended.
CONFORMITY TO CITY POLICY:
Conforms to City Charter, Article III, Section 40 and the Financial Governance Policy VII.C External Audit
FINANCIAL IMPACT:
What is the amount of the expenditure in the current fiscal year? For future years?
N/A
Is this a one-time or recurring expenditure?
N/A
Is this expenditure budgeted?
N/A
If not, where will the money come from?
N/A
Is there a sufficient amount in the budgeted line-item for this expenditure?
N/A
RECOMMENDATION:
City Council accept the annual audit report for the fiscal year ended September 30, 2021.
DEPARTMENTAL CLEARANCES:
Legal
ATTACHED SUPPORTING DOCUMENTS:
N/A