Mercer Island has demonstrated excellence in Financial Reporting for more than a decade. According to annual audit reports, the City of Mercer Island has been fully compliant under Government Auditing Standards and has received “unqualified” (i.e. clean) audit opinions since at least 1995. Mercer Island is just one of a handful of cities in the state that can make this claim. No other indicator provides a better measure of an organization’s financial management practices.
Annual Financial Reports
As required by the Washington State Auditor’s Office, the City of Mercer Island prepares basic financial statements in accordance with generally accepted accounting principles. These statements are the basis for the annual audit preformed by the State Auditors. The statements, and the notes to the financial statements, provide information on how the city uses its financial resources and presents a picture of financial condition as of the statement date.
The City of Mercer Island is audited annually by the Washington State Auditor’s Office. Audits are typically conducted during August and September of the following year, with a final report issued in late December. Recent audit reports are posted below.
Historical reports can also be located on the State Auditor website.
Quarterly Financial Status Reports
The City of Mercer Island actively monitors how it expends public resources. The Finance Director prepares a quarterly Financial Status Report (FSR) in an effort to provide a high level overview of the City’s current financial condition. The reports are intended to give the City Council and management a picture of how current finances are doing as compared to budget. The report provides a summary budget to actual comparison for year to date revenues and expenditures for all operating funds. The reports focus on the status of the General Fund and the Utility Funds with a brief review of all other funds.