City Council Agenda
Memo to:
Manteca City Council
From:
Matthew Boring, Interim Finance Director
Prepared by:
Melissa Munoz, Accounting Manager
Date:
June 3, 2025
Subject:
Fiscal Year 2023-24 Annual Comprehensive Financial Report
Recommendation:
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Receive and accept the FY2023-24 Annual Comprehensive Financial Report for the City of Manteca and the Manteca Financing Authority.
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Background:
Annually, the City is required to prepare and publish financial statements in accordance with generally accepted accounting principles (GAAP) with independent assurance that the information provided in the statements is reliable. These statements encompassed in an overall financial report for the entire City, as well as for the Manteca Financing Authority. The Manteca Financing Authority's purpose is to assist with the financing or refinancing of public capital facilities, as well as the issuance of bonds (Wastewater). Although a separate legal entity, the City controls and is financially accountable for all activities of the Manteca Financing Authority.
The City is currently contracted with the independent accounting firm Maze & Associates to audit the Annual Comprehensive Financial Report (ACFR) for the City and the Manteca Financing Authority. This report contains the audited financial statements, management's discussion and analysis, the independent auditors report, citywide statistical information, along with numerous required disclosures.
Maze & Associates have issued the opinion that the financial statements of the City and the Manteca Financing Authority for the Fiscal Year 2023-24 are presented fairly in all material respects and in accordance with GAAP.
Also, attached is the Required Communications which allows the auditors to share information related to the audit that doesn't change the audit opinion but still warrant attention. These include: (1) the scope of the audit procedures performed, (2) any significant risks identified, (3) si...
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