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Finance director presents audited financial report and midyear budget review; council hears sales-tax decline and cost-allocation plan
Summary
The city presented its audited financial statements for fiscal 2023–24 (ACFR) and a midyear budget update; auditors issued an unmodified opinion and staff warned that lower-than-budgeted sales-tax receipts have reduced projected surpluses.
The city’s finance director presented the audited Comprehensive Annual Financial Report (ACFR) for the fiscal year ended June 30, 2024, and a midyear budget review. The auditor issued an unmodified (clean) opinion on the ACFR and the city expects a Government Finance Officers Association reporting award for meeting recognized reporting standards.
Staff explained the ACFR’s purpose — audited, historical financial statements and disclosures — and highlighted that an updated year-end close produced an increase in the general fund balance (from a previously reported $10.5 million to $11.5 million). The…
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