The City of Santa Fe received notification today from its external auditor that the FY2023 audit will be completed and submitted by May 15, 2024. The submission of the FY2023 audit will mark the third annual financial audit the City has completed within a period of eleven months.
"Typically, one audit takes eight months to complete. Completing three audits in eleven months is an extraordinary accomplishment and demonstrates the City’s deep commitment to correcting our history of late audits and ensuring the timelines are met moving forward – starting with FY2024," said City Manager John Blair.
The completion of the final outstanding audit, paired with the progress to fill key positions, modernize its IT systems, and implement critical accounting processes, puts the City on a path to completing the FY2024 audit in a timely manner.
"Just last month, Fitch Ratings, an independent international rating organization, affirmed the City’s bond rating. This action reinforces that our fiscal house is in order and we are sound and secure financially," said Emily Oster, Finance Director. "Late audits have been a problem for the City for 13 out of the last 20 years, but the current team in the Finance Department is modernizing the City’s financial systems and processes in a way that going forward, late audits will be a thing of the past."