Tulare, CA — At the October 7 City Council meeting, the City of Tulare announced its clean financial audit for the fiscal year ending June 30, 2024. The audit, conducted by an independent firm, identified minor findings but concluded the City’s financial statements present a fair and accurate representation in accordance with generally accepted accounting principles.
“This audit reflects the City’s ongoing commitment to responsible financial management and affirms our commitment to managing funds responsibly,” said Tulare Mayor Patrick Isherwood. “We are proud of the work by our Finance Department staff, and we remain focused on continuing to build a fiscally sound future for our community.”
Each year, the City undergoes an external financial review to ensure transparency and accountability in how public funds are managed. This audit is included in the broader Annual Comprehensive Financial Report, which outlines the City’s financial status, key initiatives, and economic direction. Receiving an overall clean audit signals that Tulare maintains strong financial oversight and meets accounting standards.
The independent audit identified three key areas where the City of Tulare can enhance its financial practices. First, the City was encouraged to ensure bank reconciliations are completed fully and on time, with any discrepancies promptly researched and resolved. Second, the City was advised to revisit its overhead cost allocation approach, updating it to ensure the methodology remains aligned with current operations. Third, the audit identified a need to strengthen internal controls over certain federal grant reporting, specifically related to American Rescue Plan Act (ARPA) funds. Earlier reporting periods did not include all required details due to timing lags in the availability of financial information. To address this, we have implemented a new process to ensure that information reported quarterly aligns with the general ledger, and we work closely with a federal grant consultant who assists with preparing and reviewing these reports to ensure full compliance with federal requirements.
“The audit gives us a clear direction for improving key financial procedures,” said Tulare’s Chief Financial Officer Mark Roberts. “We’re focused on strengthening internal controls, supporting staff with the tools they need and ensuring Tulare continues to uphold integrity and responsibility in its operations.”
For more information and to view Tulare’s Annual Comprehensive Financial Report, visit https://www.tulare.ca.gov/government/departments/finance/annual-comprehensive-financial-reports.
City of Tulare Receives Overall Clean Financial Audit
