§ 35.02  ANNUAL AUDIT; FINANCIAL STATEMENTS.
   (A)   (1)   For the purpose of this division (A), the following definitions shall apply unless the context clearly indicates or requires a different meaning.
         ACCOUNTANT. A duly licensed public accountant or certified public accountant who otherwise is not an employee of or connected in any way with the city.
         ANNUAL AUDIT REPORT. The written report of the accountant and all appended statements and schedules relating thereto presenting or recording the findings of an examination or audit of the financial transactions, affairs or financial condition of the city and its proprietary functions for the fiscal year immediately prior to the making of the annual report.
         FISCAL YEAR. The fiscal year for the city or the fiscal year established in Neb. RS 18-2804 for a proprietary function if different than the city fiscal year.
(Neb. RS 19-2902)
      (2)   The City Council shall cause an audit of the city’s accounts to be made by a recognized independent and qualified accountant as expeditiously as possible following the close of the fiscal year and to cover all financial transactions and affairs of the city for that preceding fiscal year. The audit shall be made on a cash or accrual method at the discretion of the City Council. The audit shall be completed and the annual audit report made by the accountant shall be submitted within six months after the close of the fiscal year in any event, unless an extension of time is granted by a written resolution adopted by the City Council. If the city owns or operates any type of public utility or other enterprise which substantially generates its own revenue, that phase of the affairs of the city shall be audited separately from other functions of the city and the result shall appear separately in the annual audit report made by the accountant to the city and such audit shall be on an accrual basis and shall contain statements and materials which conform to generally accepted accounting principles. For the utilities operated through the Board of Public Works, the City Council may provide for an entirely separate audit, on an accrual basis, of such operations and report and by a different accountant than the one making the general audit.
(Neb. RS 19-2903)
      (3)   The annual audit report shall set forth, insofar as possible, the financial position and results of financial operations for each fund or group of accounts of the city. When the accrual method is selected for the annual audit report, the report shall be in accordance with generally accepted accounting principles. The annual audit report shall also include the professional opinion of the accountant with respect to the financial statements or, if an opinion cannot be expressed, a declaration that the accountant is unable to express such an opinion with an explanation of the reasons why he or she cannot do so.
(Neb. RS 19-2904)
      (4)   At least three copies of such annual audit report shall be properly signed and attested by the accountant; two copies shall be filed with the City Clerk, and one copy shall be filed with the Auditor of Public Accounts. The annual audit report filed, together with any accompanying comment or explanation, shall become a part of the public records of the City Clerk and shall at all times thereafter be open and subject to public inspection.
(Neb. RS 19-2905)
   (B)   The City Council shall provide and file with the City Clerk, not later than August 1 of each year, financial statements showing the city’s actual and budgeted figures for the most recently completed fiscal year.
(Neb. RS 13-606)  (Prior Code, § 1-815)
Statutory reference:
   Other provisions on audits, Neb. RS 19-2906 through 19-2909