Accept the financial and other reports for the fiscal year ending April 30, 2026, including the Annual Comprehensive Financial Report (ACFR), Board Communication, TIF Compliance Reports, and other reports

Over the last five months, the Finance Department has been preparing the City’s fiscal year-end financial statements as of April 30, 2026. State statutes require the City to have an annual audit performed by an independent CPA on the financial statements. The City engaged Sikich, LLP to perform this audit, and a representative of Sikich will be present to discuss the results of the audit process, the opinions issued by the auditor, and answer any related questions. The Annual Comprehensive Financial Report (ACFR) and other related reports such as the Board Communication, TIF Compliance Reports, and other reports will also be presented.

For the FY 2025-26 audit, the City received an unmodified opinion on its financial statements as disclosed in the Independent Auditor’s Report section of the ACFR. This is the highest level of assurance an entity can receive, signifying that the City’s financial statements are fairly presented in all material respects in accordance with generally accepted accounting principles. The auditor from Sikich will discuss the report of the Auditor’s Communication to the Mayor and City Council (Board Communication) at the meeting.

For the 2024-25 fiscal year, the City received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA) for its 2025 ACFR. This was the 40th consecutive year the city received the award.  Finance intends to again submit the ACFR as of April 30, 2026 to GFOA for consideration of the Certificate award.

Recommendation: Accept