HomeMy WebLinkAbout2023-12-18 F01 Presentation_FY2023 AuditAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: December 18, 2023
AGENDA ITEM:Independent Auditor’s Final Report for the fiscal year ending June 30, 2023
FORMAT:Presentation
SYNOPSIS INCLUDING PRO & CON: City staff met with representatives of Denman &
Company on 12/15/2023 to review the draft audit report. A representative of
Denman & Company, LLP will present the audit.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION:
ATTACHMENTS: I. FY2023 Audit Report (to be provided before the meeting)
PREPARED BY:Becky Schuett
REVIEWED BY:
F1
Financial Audit Presentation
Fiscal year ended June 30, 2023
Data portrayed in the attached presentation was derived from the City’s financial statements which were audited by Denman &
Company, LLP whose report is thereon dated December 10, 2023. The data presented should be read in conjunction with the City’s
financial statements.
1
City of Waukee
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Audit Team
David Ellis, CPA - Overall Engagement Partner
Robert Endriss, CPA - Partner
Joe Sparks, CPA - Supervisor
Ethan Mullins - Staff
City of Waukee
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Outline
•Independent Auditor’s Report
•Summarized June 30, 2023 Financial Performance
•Internal Control and Statutory Compliance
•Communications With Those Charged With Governance
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Independent Auditor’s Report
•Unmodified opinions
•Management’s Responsibilities
•Auditor’s responsibilities and professional
standards
City of Waukee
City of Waukee
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2023 2022 Change
Total assets & deferred outflows 536,173,017$ 473,293,756$ 62,879,261$
Total liabilities & deferred inflows 183,302,957 177,199,194 6,103,763
Net position 352,870,060$ 296,094,562$ 56,775,498$
Net investment in capital assets 276,614,925$ 240,037,768$ 36,577,157$
Restricted 35,358,868 20,964,505 14,394,363
Unrestricted 40,896,267 35,092,289 5,803,978
Total net position 352,870,060$ 296,094,562$ 56,775,498$
STATEMENT OF NET POSITION
City of Waukee
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2023 2022 Change
Revenues
Charges for services 45,696,363$ 38,462,403$ 7,233,960$
Operating and capital grants 31,296,512 15,969,356 15,327,156
Property and other City taxes 32,184,864 31,023,574 1,161,290
Other revenues 5,366,575 2,300,323 3,066,252
Total revenue 114,544,314 87,755,656 26,788,658
Expenses
Public safety 10,212,624 8,807,490 1,405,134
Public works 9,736,563 9,942,839 (206,276)
Culture and recreation 6,356,143 3,888,117 2,468,026
Other governmental services 3,776,251 3,634,803 141,448
Interest on long-term debt 2,790,014 2,433,087 356,927
Business-type activities 24,897,221 20,653,969 4,243,252
Total expenses 57,768,816 49,360,305 8,408,511
Change in net position 56,775,498$ 38,395,351$ 18,380,147$
STATEMENT OF ACTIVITIES
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City of Waukee
188
168
121
177
162
- 20 40 60 80 100 120 140 160 180 200
2023
2022
2021
2020
2019
Unassigned General Fund Balance
Days
City of Waukee
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Internal Control and Compliance
•Reports on Internal Control over Financial Reporting and
Compliance and on Compliance for Each Major Federal
Program
•Schedule of Findings
•Findings Related to Statutory Reporting
City of Waukee
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Required Communications
•Significant Accounting Policies
•Accounting Estimates
•Significant Audit Adjustments
•Disagreements with Management
•Consultations with Other Accountants
•Issues Discussed Prior to Retention of Auditors
•Difficulties Encountered in Performing the Audit
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QUESTIONS
Thank you for the
opportunity to serve you.
City of Waukee