A report released last week from the Office of the Washington State Auditor says the city of Federal Way’s financial reporting is in compliance with federal laws and regulations.
The state auditor looked at transactions recorded from Jan. 1, 2017 through Dec. 31, 2017 during its audit.
The audit found no deficiencies in the “design or operation of internal control over financial reporting” that the office considers to be significant deficiencies.
City management is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to in the report.
The audit also found no deficiencies that it considers to be “material weaknesses.” The same findings applied to the city’s internal control over major programs in regard to federal awards.
The report also included examining the city’s administration of Community Development Block Grants/Entitlement Grants, Community Development Block Grants Section 108 Loan Guarantees and Highway Planning and Construction Cluster funds.
“The audit findings show that we are dedicated to making sure each and every dispersal of federal funds we receive go exactly where we said the funds would go,” said Ade’ Ariwoola, the city’s finance director, in a press release.
The findings are also a testament to the finance department’s stellar record-keeping abilities, Ariwoola said.
The audit’s findings play a role in the city’s overall bond rating through agencies such as Standard and Poor’s and Moody’s, Ariwoola said.
“I’m proud of Ade’ and his finance staff for all the detail-oriented work they do daily to make sure the City follows all the federal and state laws and regulations, and generally accepted accounting principles,” Mayor Jim Ferrell said in the press release.
To read the report in its entirety, visit www.cityoffederalway.com/sites/default/files/2017%20SAO%20Report.pdf.