State law (Chapter 43.09 RCW) requires the State Auditor's Office to examine the financial affairs of local governments. The SAO conducts an audit of the prior financial year and usually publishes reports in the fall.

2022 Financial Statements and Federal Single Audit Report: This audit examines the City's financial statements to ensure that they are fairly stated and that the underlying financial records support the information reported in the financial statements. As the recipient of major federal grants, Shoreline is also subject to the Federal Single Audit for grant recipients. This is a review of Shoreline's grant expenditures and records to ensure that the City has complied with the federal regulations and requirements associated with the grant.

Accountability Audit for the period January 1, 2021, through December 31, 2022: The accountability audit determines whether the City complied with state laws and regulations and the City's own policies and procedures. This audit also examines City management's accountability for public resources. The auditors concluded that the City complied with applicable laws, regulations, policies and procedures and that the City had internal controls that were adequate to safeguard public assets.

You can find current and past audit reports for the City of Shoreline at http://portal.sao.wa.gov/ReportSearch

Statement of Representation by Independent Registered Municipal Advisor

The City of Shoreline, Washington (the "City") publicly posts this written disclosure to assist market participants in their compliance with an exemption from the Municipal Advisor Rule promulgated by the Securities and Exchange Commission. By publicly posting this written disclosure, the City intends that market participants receive and use it for purposes of the independent registered municipal advisor exemption. This statement may be relied upon until December 31, 2026.

The City has retained PFM Financial Advisors LLC (the "Municipal Advisor") to provide advice to the City with respect to the issuance of its municipal securities. The Municipal Advisor has represented to the City that the Municipal Advisor is an independent registered municipal advisor within the meaning of the Municipal Advisor Rule. The City relies on the advice, analysis, and perspective of the Municipal Advisor with respect to the issuance of its municipal securities, but does not necessarily follow the advice of the Municipal Advisor in all instances.

Other than correspondence between a market participant and the Municipal Advisor that is mandated by the Municipal Advisor Rule, unless specifically directed to do so by the City, no market participant should communicate with the Municipal Advisor regarding advice to the City with respect to municipal financial products and the issuance of municipal securities.