After the conclusion of the City's fiscal year (July 1 to June 30), the City completes closing entries and finalizes the financial records. Independent auditors conduct an audit of the City's financial records in accordance with generally accepted auditing standards to ensure legal and fiscal accountability to the public. The City then prepares an Annual Comprehensive Financial Report (ACFR) which presents:
General information on the City's structure, services, and environment
Audited basic financial statements and required supplementary information
Statistical data on trend and non-financial information
Upon satisfactory completion of the annual audit and ACFR, the auditors issue an "Unmodified Opinion" which states the financial statements are presented fairly.