On an annual basis, following the end of the fiscal year on June 30, the financial accountings of the City are audited by an outside firm. The audit report consists of a series of financial statements, as well as other components that provide an overview of the City's finances and a comparison of the budget for that year.
Tax Increment Financing (TIF) Reports
Cities that have TIF districts with debt must submit their debt requirements to the county auditor by December 1 each year to be able to capture the revenue to repay outstanding obligations. Several years ago legislation required the Annual Urban Renewal Report. The City is required to report the annual activity within each urban renewal area by December 1, for the previous fiscal year. Council approval is required prior to submission.
Annual Financial Report
Annually, by December 1, cities must submit their Annual Financial Report to the State Auditor. This report summarizes the City’s financial position at the end of the previous fiscal year.