In addition to the annual audit, the City is also subject to a Single Audit when applicable. The Single Audit Report is a requirement for non-federal entities that receive federal funding of $750,000 or more in a fiscal year. A Single Audit includes an audit of both the City’s financial statements and compliance with Federal award requirements. It presents a schedule of all expenditures of federal awards during a fiscal year, and must be submitted to the Federal Audit Clearinghouse. The audit opinion in the report focuses on compliance with the funding requirements of major federal programs.