Finance Committee Agenda and Packet 2023 08 17

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The following misstatements that we identified as a result of our audit procedures were brought to the attention of, and corrected by, management: ARPA Fund Dr. Deferred inflows of resources $2,616,048 Cr. Revenue $2,616,048 To recognize grant funding earned as of December 31, 2022 The following summarizes uncorrected financial statement misstatements whose effects in the current and prior periods, as determined by management, are immaterial, both individually and in the aggregate, to the financial statements taken as a whole. Urban Revitalization District Fund Dr. Accounts receivable $42,400 Cr. Deferred inflows of resources $42,400 Adjust property tax receivable as of December 31, 2022 Disagreements with Management For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter, which could be significant to the financial statements or the auditor's report. No such disagreements arose during the course of the audit. Circumstances that Affect the Form and Content of the Auditor's Report For purposes of this letter, professional standards require that we communicate any circumstances that affect the form and content of our auditor's report. We added an emphasis of matter paragraph to our Independent Auditor's Report for the restatement of prior years' financial statements of the Statement of Cash Flows. Representations Requested from Management We have requested certain written representations from management which are included in the management representation letter dated July 26, 2023. Management's Consultations with Other Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters. Management informed us that, and to our knowledge, there were no consultations with other accountants regarding auditing and accounting matters. Other Significant Matters, Findings, or Issues In the normal course of our professional association with the City, we generally discuss a variety of matters, including the application of accounting principles and auditing standards, significant events or transactions that occurred during the year, operating conditions affecting the entity, and operating plans and strategies that may affect the risks of material misstatement. None of the matters discussed resulted in a condition to our retention as the City's auditors. 4 16/57