At the June 18, 2024, City Council meeting, the City Council unanimously accepted the 2023 Annual Comprehensive Financial Report (ACFR) as recommended by the city’s audit committee. The ACFR outlines the city’s financial position and results of operations, as well as certain demographic and statistical information. Complying with generally accepted accounting principles (GAAP) and Governmental Accounting Standards Board (GASB) pronouncements, the report provides valuable insights into the City’s financial condition.
The 2023 ACFR was audited by an independent licensed accounting firm, Haynie and Company, before being accepted by the City Council and published to the public, as required by State law.
Highlights of the 2023 ACFR include:
- Assets exceeded liabilities by $215,904,479 at the close of the fiscal year (74% Investments in Capital Assets)
- City’s governmental funds reported combined ending fund balances of $58,228,564
- Sales and use tax revenue increased by $947,000 as compared to the prior year
- No audit adjustments or internal control deficiencies were found
For the last 18 years, the City has been awarded the Government Finance Officer Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting. The Certificate of Achievements a national award recognizing conformance with the highest standards for the preparation of state and local government financial reports.
The 2023 ACFR has been published by the City’s Finance Department and can be accessed online: Finance – City of Lone Tree.