Page 477 - FortWorthFY22AdoptedBudget

auditors if their past performance has been satisfactory, and the Council shall approve the
selection of an independent firm of certified public accountants to perform an annual audit of the
books of account, records and transactions, opining of the Comprehensive Annual Financial Report
and Single Audit Report and reporting the results and recommendations to the Council.

D. Audit Completion

The City seeks to have its CAFR and Single Audit Report audited and available within 180 days
after the close of its previous fiscal year, which ends September 30. In the event the presentation
of the CAFR and Single Audit is delayed beyond the first Council meeting in April, the City
Manager or his/her designee, shall provide a report on the status of the audit and the expected
completion date of the CAFR and Single Audit to the City Council at its first meeting in April.
E. Certificate of Achievement for Excellence in Financial Reporting

The Government Finance Officers Association (GFOA) established the Certificate of Achievement for
Excellence in Financial Reporting (CAFR program) to encourage state and local governments to go
beyond the minimum requirements of generally accepted accounting principles by preparing
comprehensive annual financial reports that evidence the spirit of transparency and full disclosure. The
City will participate in the program yearly by submitting it’s CAFR for review and implement
recommended changes, as appropriate.

Page 477 of 581