TO: Mayor and City Council
THROUGH: Krishna Namburi, Acting City Manager
FROM: Josh Eggleston, Chief Financial Officer
SUBJECT:
title
Fiscal Year (FY) 2024 Financial Audit of the City of Salem, Oregon.
Ward(s): All Wards
Councilor(s): All Councilors
Neighborhood(s): All Neighborhoods
Result Area(s): Good Governance.
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SUMMARY:
summary
The certified public accounting firm of REDNW, completed the annual financial audit of the City for the fiscal year ending June 30, 2024. There were no formal findings or recommendations for improvement as a result of the audit.
end
ISSUE:
Results of the FY 2024 financial audit of the City of Salem, Oregon.
RECOMMENDATION:
recommendation
Information Only.
body
FACTS AND FINDINGS:
The certified public accounting firm of REDNW, LLC, completed the annual financial audit of the City for the fiscal year ending June 30, 2024. There were no formal findings or recommendations for improvement as a result of the audit. The audit opinion letter is included with this report as Attachment 1.
Mr. Ryan Pasquarella, CPA, presented the results of the FY 2024 Annual Comprehensive Financial Report (ACFR) to the joint meeting of the Salem City Council Finance Committee and the Urban Renewal Agency Finance Committee at their February 18, 2025 meeting. As in prior years, the audit is being provided to City Council as an information item.
The FY 2024 Federal Grant Compliance Report is pending completion of final audit procedures and will be finalized no later than March 31, 2025, in accordance with the Federal Grant Compliance Reporting requirements. The financial reports can be found on the City’s webpage at the link below:
<https://www.cityofsalem.net/government/budget-finance/financial-reports>
The audit document is entitled Annual Comprehensive Financial Reports (ACFR).
BACKGROUND:
Oregon law requires an annual audit of the City’s financial statements and for the results to be presented to the governing body.
Kelli Blechschmidt
Management Analyst II
Attachments:
1. Independent Auditors Report - FY 2024 City of Salem