FY23 Audit Report

The City of Union City's audit report encompasses the financial activities for the fiscal years ending June 30, 2023, and 2022. The audit provides opinions on the financial statements, including the balance sheets, statements of operations, and fund balance changes for various funds, along with the statement of general fixed assets. The city is reverting to a fiscal year based on a calendar year, beginning with the transition year ending December 31, 2023 through December 31, 2024. The report also examines the City's compliance with laws, regulations, contracts, and grant agreements, as well as the internal controls over financial reporting and compliance. Key financial aspects include the management's responsibility for financial statement preparation, and the auditor's responsibility to ensure fair presentation and freedom from material misstatement. The report also contains findings on internal control weaknesses and compliance matters noted during the audit, along with recommendations for corrective action. It also addresses related party transactions and notes the city is economically dependent on State Aid.