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Unaudited FY 2024–25 figures show timing variances; city treasurer expects audited close near $104 million
Summary
Finance staff presented unaudited third- and fourth-quarter figures showing $89.3 million in general-fund receipts as of Aug. 30, with staff projecting a close near $104 million once final accruals and audits are complete. Council members raised questions about business-license audits and CIP carryovers.
The City of El Segundo presented an unaudited fiscal year 2024–25 third- and fourth-quarter financial report at the Sept. 16 council meeting and said it will finalize audited figures after the October audit.
Finance Director Chung told the council that general fund revenues as of Aug. 30 were $89.3 million (96% of the year-to-date budget figure shown), but that staff expected the final audited revenue total to be closer to $104 million after remaining accruals and timing adjustments. He emphasized the figures presented were unaudited and would be finalized after the city’s financial audit next month.
Why it matters: The report informs council decisions on reserves, transfers and capital projects and identifies timing issues that affect year-to-date comparisons. Councilmembers pressed staff on methods for verifying business-license headcount and…
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