- Home - v3
- Government
- Departments
- Finance
- Annual & Financial Reports
Annual & Financial Reports
About
The Washington State Auditor's Office (SAO) prescribes the accounting and reporting of local governments in the State of Washington, under RCW 43.09.200. Cities have the choice of two accounting and reporting options: GAAP and Cash Basis.
The City of Lake Stevens is categorized as Cash Basis and follows single-entry accounting and cash basis reporting procedures which do not reflect financial condition and results of operations in conformance with GAAP.
The City will receive financial statement and accountability audits annually based on SAO policy. Accountability audits will occasionally occur on a biennial basis. The city will also receive a federal single audit if $750,000 or more is spent in federal funds.
In 2011, the City of Lake Stevens received a congratulatory letter from Washington State Auditor, Brian Sonntag, in recognition of eleven consecutive audits without significant audit exceptions.
The City continues its exemplary record, receiving annual audits with no significant audit exceptions.
Audit Reports
A Single Audit (audit of federally funded grants) is only required if the City expends more than $750,000 in federal funds in a single year. The City exceeded this amount for the first time in recent history for fiscal year 2020.
Impact Fee Reports
RCW 82.02.070 provides that: “Annually, each county, city or town imposing impact fees shall provide a report on each impact fee account showing the source and amount of all moneys collected, earned, or received and system improvements that were financed in whole or in part by impact fees.”