Mountlake Terrace Receives Clean Audit Opinion - City of ...

News Release
CITY OF MOUNTLAKE TERRACE
6100 219 TH STREET SW, SUITE 200
MOUNTLAKE TERRACE, WASHINGTON 98043
FOR MORE INFORMATION CONTACT:
Sonja Springer, Finance Director, (425) 744-6204
FOR IMMEDIATE RELEASE:
July 2, 2013
Mountlake Terrace Receives Clean Audit Opinion
MOUNTLAKE TERRACE — The State Auditor’s Office issued a clean opinion in
its Independent Auditor’s Report on the City’s 2012 Financial Statements. The
Independent Auditor’s Audit Report is included in the City’s 2012 Comprehensive Annual
Financial Report (CAFR).
The 2012 CAFR was completed and sent to the Government Finance Officers
Association (GFOA) for consideration to receive the Certificate of Achievement for
Excellence in Financial Reporting.
The Auditor’s office also issued a clean opinion on its “Single Audit” which covered
projects financed by Federal Grants. A Single Audit is required for all government
entities that receive over $500,000 in federal grant awards in one year, as the City did
in 2012.
Due to many years of receiving clean audits, the City was offered the opportunity to
receive biennial “Accountability Audits” beginning in 2012. Accountability audits include
extensive review of internal procedures and controls. The City took advantage of this
opportunity to have just the Financial Statement and Single Audit completed for 2012,
as it saves audit costs and staff time. An estimated audit cost savings of $20,000 will be
realized in 2013 as a result of the implementation of the “Biennial Accountability Audit.”
The CAFR provides detailed information beyond what is required by the State on the
city’s finances and operations. The city has been awarded GFOA’s Certificate of
Achievement for Excellence in Financial Reporting for its 2006, 2007, 2008, 2009, 2010,
and 2011 CAFR’s. This award recognizes the city for its excellence in financial reporting

and is the highest form of recognition in the area of governmental accounting and
financial reporting. Its attainment represents a significant accomplishment by the City
Council and its management. The 164-page 2012 CAFR is available for review at City
Hall and Library, and can be found on the city’s website at www.cityofmlt.com.
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