Riley Martin from Lauterbach & Amen will be on hand to present our FY2022 Annual Financial Report. This year’s audit is pretty boring, which is a good thing as far as audits are concerned. The unusual revenues in the form of the loan from the City and the unusual expenditures in terms of the YTS renovation are all properly accounted for. The Management Letter includes two items of note. Our General Fund was not in compliance with our Fund Balance Policy as of the end of the year, and we had two funds that ended up over their budgeted amounts. Regarding the former, this was the anticipated result of our renovation project. Regarding the latter, this is something that we see every year when actual expenses outstrip our budget. It has been our practice in past years not to amend our budget to account for these kinds of discrepancies, mainly because there was never a need to except for the optics of the audit. Going forward and with the new annual budget system, we will amend the budget later in the year to account for this kind of discrepancy.

Riley and the Lauterbach team continue to do a nice job for us. They are very well-organized, which makes the process very simple for us. And they are very cognizant of our time constraints, working frantically in the early weeks of this month to incorporate the IMRF data in time for our May meeting.

Recommendation: I recommend that you approve the Annual Financial Report for FY2022 as presented.