TO: Mayor Richard C. Irvin
FROM: Martin S. Lyons, Chief Financial Officer/City Treasurer
Linda Read, Asst. Director of Finance - Accounting
DATE: June 30, 2020
SUBJECT:title
Acceptance of the 2019 Annual Financial Reports for the City, TIF funds, and Single Audit reporting requirements.
body
PURPOSE:
The City of Aurora completes several annual financial reports that must be accepted and placed on file by the City Council. Attached are ten (10) reports as follows: The 2019 Comprehensive Annual Financial Report (CAFR), the Board Communications from Sikich, LLC, the 2019 Tax Increment Finance reports for TIFs 1,3,4,5,6,7, and 8, and the 2019 Single Audit for Federal Grants received
Each year the City is required to complete various financial reports and these reports are audited by our independent auditor Sikich, LLC. These reports are as follows:
The 2019 Comprehensive Annual Financial Report (CAFR) - This report provides a complete review of the status of the City of Aurora finances as of and for the year ended December 31, 2019. It also provides historical data on a variety of revenue, expense, and financing activities.
The 2019 Board Communications - This report is a direct communication from the City's independent Auditor, Sikich, LLC to the Finance Committee. As outlined in their duties, Sikich is required to report directly to the Committee regarding the financial status of the City along with any comments or deficiencies found during their review of financial operations.
The 2019 Tax Increment Finance (TIF) District financial reports - These reports proivde a financial and project based review of each TIF for 2019.
The 2019 Single Audit - This report provides a compliance review of our state and federal grants programs.
BACKGROUND:
DISCUSSION:
Sikich, LLC has provided the City with an unqualified opinion regarding the 2019 CAFR, meaning the City has fairly stated its financial position in the CAFR. The Single Audit does not have any findings for 2019. Specific recommendations regarding financial operations will be discussed by the Auditor with the Finance Committee, and these recommendations are included in the Board Communications.
The Accounting Division is to be commended for completing this complex report on time in the COVID 19 environment. Many communities may be asking for filing extensions this year
IMPACT STATEMENT:
Completion of the CAFR each year is required under state statute in Illinois and completion of both a CAFR and a Single Audit is required for grant funding each year. Failure to complete and these reports would forfeit state and federal grant funds and violate state statute.
RECOMMENDATIONS:
That the 2019 Financial reports as attached be accepted and placed on file
cc: Alderman O'Connor, Chairman
Alderman Bugg
Alderman Hart-Burns
Alderman Franco
Alderman Llamas