HomeMy WebLinkAboutFIN 2025-09-22 Item 1C - Discussion - 2024 Financial and Single Audit ReviewCity of Tukwila
Thomas McLeod, Mayor
INFORMATIONAL MEMORANDUM
TO: Finance & Governance Committee
FROM: Aaron BeMiller, Finance Director
BY: Megan Marks, Fiscal Manager, Finance Department
CC: Thomas McLeod
DATE: 9/22/2025
SUBJECT: 2024 Financial and Single Audit Review
ISSUE
The 2024 financial and single audit processes have been completed with the formal exit
conference taking place on August 20th. This discussion only agenda item is to provide the
Finance & Governance Committee with a summary of the audit.
BACKGROUND
The Washington State Auditor's Office (SAO) is charged with auditing every government in
Washington State to promote accountability, transparency, and trust in government. Generally,
SAO annually performs three audits of the City:
- Financial audit: provides reasonable assurance as to the City's financial performance,
stated financial position, and accountability in our use of public resources.
- Single audit: provides reasonable assurance to the federal government that a non-federal
entity has complied with federal laws and regulations for the federal awards it expends.
- Accountability audit: provides reasonable assurance that the City has adequate safeguards
in place to protect public resources from fraud, loss, or abuse.
As necessary, SAO also performs special investigations related to fraud and whistleblower
cases as well as referrals from their Citizen Hotline.
DISCUSSION
2024 Financial audit results:
Method:
- Auditors select a sampling of transactions across a variety of sections and account
balances based upon risk.
- Risk is determined based upon a variety of factors including the type of transaction and
internal controls.
Results:
- Unmodified Opinion
- One finding
2024 Single Audit (Federal awards):
Method:
- Applicable to all entities receiving and expending over $750,000 in federal awards in the
current audit year.
o Tukwila received and expended $3,349,383 in federal awards in 2024.
- Auditors select a sampling of transactions applicable to federal awards.
19
INFORMATIONAL MEMO
Page 2
Results:
- Unmodified Opinion
- One finding
The City has submitted our Annual Comprehensive Financial Report (ACFR) to the Government
Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial
Reporting program for consideration of the award.
FINANCIAL IMPACT
There is no financial impact associated with this agenda item.
RECOM MENDATION
Information only.
ATTACH MENTS
None.
20
https://tukwilawa.sharepoint.com/sites/mayorsoffice/cc/Council Agenda Items/Finance/1c_Audit Info Memo.docx