1. Audits will be in accordance with generally accepted auditing standards as included in Statements on Auditing Standards, the GAO Government Auditing Standards, GAO Guidelines for Financial and Compliance Audits of Federally Assisted Programs, Federal OMB Circular A-133 and Circular A-87, the single Audit Act of 1984, and the State of Wisconsin single audit guidelines. 2. The Audit shall include an audit of the City’s financial statements. The funds to be audited include the below: a) General Fund b) Debt Service Fund c) Capital Projects Fund d) TID Funds (TID No. 6,7,9 and any future TID) Special Revenue Funds: e) Taxi/Bus Fund f) RDA Fund g) Affordable Housing Fund h) Broske Center Fund i) Fire Facility Project Fund j) Storm Claim Fund k) Lead Service Lines Utility Fund l) Pool Project Fund m) Trail Acquisition Fund n) Storm Claim Fund o) Airport Fund Enterprise Funds: p) Water and Sewer Fund 3. At the conclusion of the audit, a representative of the accounting firm will be expected to meet with city staff for a report of the audit conducted, and attend a Council meeting and present a brief report to the Common Council to discuss the findings resulting from the audit. 4. The audit is to include tests of the accounting records of the City and Housing Authority (including the certification of the Housing Authority’s Financial Data with HUD) and other procedures necessary to express an opinion that the financial statements are fairly presented in conformity with generally accepted accounting principles. 5. A report on the City’s compliance with law and regulations and its internal accounting controls as required for the Single Audit. 6. If any audit opinion is other than unqualified, to fully discuss the reasons with the city in advance. 7. Prepare the financial statements and the State Municipal Financial Report. The City prepares monthly financial reports that are reviewed by management and the Common Council. Some audit journal entries and entries made to reclassify the activity posted in the designated equity accounts for the statement of revenues, expenditures and changes in fund balance will likely be needed.
