Answer: The City is not preparing its own annual financial statements and footnotes.
Trend: This practice may lead to reliance on external auditors for critical financial reporting.
List: Recommend establishing a process for the City to prepare its own statements to ensure accuracy and accountability.
Finding Text
The City does not prepare its annual financial statements and footnote disclosures. The City staff work with the auditor in the preparation and subsequently reviews and approves all statements and disclosures before issuance.