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 has been audited by the SAO on a biennial basis, yet completes and files financial reports annually in accordance with state law. Beginning in 2016, the City will receive annual financial statement audits based on SAO policy. Accountability audits will continue to occur on a biennial basis.

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.

In 2018, the City continued it's exemplary record, again receiving an audit with no significant audit exceptions. 



Financial Reports:

Audit Reports


The City has not needed a Single Audit (audit of federally funded grants) in recently history, yet this will change if the City expends more than $750,000 in federal funds in a single year.

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.”