Department of Finance
Reference: 2025 Financial Audit Report
To: Mayor Gregory Mills and Members of City Council
Through: Michael P. Martinez, City Manager
Prepared By: Catrina Asher, Finance Director
Date Prepared: July 14, 2026
PURPOSE
To present the results of the 2025 annual financial audit.
BACKGROUND
The City is required by the Municipal Code to have an audit completed by an external auditor appointed by City Council within six months of year end (June 30th). An RFP to select an auditor was completed in 2023 and staff recommended selection of RubinBrown. At that time, City Council accepted the recommendation and appointed RubinBrown as the City's financial auditor for the 2023 audit, with the option to renew the contract for up to 4 additional years. Audit services are competitively procured at least every five years.
A financial statement audit is an in-depth examination of the organization's financial information and documentation, including internal controls. Financial statement audit procedures are designed to provide reasonable assurance about whether the financial statement as a whole are free from material misstatement. The City's financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP), which includes accounting standards established by the Governmental Accounting Standards Board (GASB).
SUMMARY OF RESULTS
The audit of the 2025 Annual Comprehensive Financial Report (ACFR) was completed on June 29, 2026 and included both a standard audit and a Single Audit which applies to the spending of Federal awards. The audit opinions issued by the auditors are unmodified, meaning that the financial statements fairly represent the financial condition of the City.
Auditors are required to communicate certain information to the City's governing body (City Council) and the attached presentation includes all required communications.
Findings
An audit finding means that the auditors identified a financial repo...
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