Annual Budget

Annual Budget

Management of the City is responsible for establishing and maintaining an internal control system designed to ensure that the assets of the City are protected from loss, theft or misuse.  It must also ensure the adequate accounting data is compiled to allow for the preparation of financial statements in conformity with Generally Accepted Accounting Principles (GAAP).  The internal control structure is designed to provide reasonable, but not absolute, assurances that these objectives are met.  The concept of reasonable assurance recognizes that the costs and benefits require estimates and judgments by management. 

As a recipient of federal and state monies, the City is responsible for ensuring that an adequate internal control system is in place and functioning properly to ensure compliance with applicable laws and regulations related to those programs.  The internal control system is subject to periodic management evaluation.  As a part of the City’s single audit, tests are made to determine the adequacy of the internal control system, including those controls related to federal programs, as well as to determine that the City has complied with applicable laws and regulations.

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