Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Annual Financial Report topic
No spam. Unsubscribe anytime.
San Juan commissioners accept FY2024 comprehensive financial report
Summary
After an auditor presentation, the City Commission accepted the City of San Juan27s annual comprehensive financial report for the fiscal year ending Sept. 30, 2024, noting a $14.5 million bond issue, higher long-term debt and a recommendation to strengthen monthly cash checks.
The San Juan City Commission voted by voice to accept the City of San Juan27s annual comprehensive financial report for the fiscal year ending Sept. 30, 2024, following a presentation by auditor Manuel Garcia.
Garcia, representing the auditing firm identified in the meeting as Garcia Vena, told commissioners the financial statements are "fairly presented in all material respects" for the city27s governmental and business-type activities and the reported component units. He reviewed the government-wide statements, fund balances and a five-year summary that highlighted changes in assets, liabilities and revenues.
The audit showed an increase in long-term debt from about $59.0 million the prior year to roughly $68.0 million for 2024; Garcia said most of that increase was the $14.5 million bond issue recorded during the year. He also flagged that the city27s unrestricted governmental fund balance was negative in the report and that much of available resources were tied up in capital projects under construction.
On cash and liquidity, Garcia said cash and cash equivalents declined from the prior year and that a temporary overdrawn bank balance had been corrected "immediately after the beginning of the year." He recommended the city adopt a routine checklist to avoid similar occurrences and said "we recommend that they review a monthly checklist." Garcia added that, speaking with city staff, the monitoring frequency has already been increased to weekly.
Commissioners asked about several line items Garcia reviewed. They sought clarification on municipal court balances, which the auditor said were integrated in the federal/state grant restriction lines in the report and should be separated onto their own line item for clarity. Garcia and the commission also discussed sales-tax receipts: commissioners noted the year-over-year increase was smaller than expected despite recent development, though Garcia said the most recent monthly receipts showed a substantial increase compared with the prior year.
Garcia reviewed utility fund results, reporting the utility27s total assets and a positive change in net position for the year. He explained higher depreciation and completed projects contributed to increases in sewer-related expenses and that transfers and capital grants affected year totals.
On federal awards and compliance, Garcia summarized the single-audit/major-program reporting: the report lists federal awards (including DOJ and other federal grant programs) and the auditor said the city spent a portion of total awards during the year and that the required internal-control reporting and the summary of auditor27s results showed no material findings for 2023 or 2024.
After the presentation and a short Q&A, a motion to approve the annual comprehensive financial report was called; commissioners approved the motion by voice vote. The meeting closed with a motion to adjourn.
The auditors noted the report is being submitted for the MFOA award process and contains detailed bond schedules, employee counts, road inventories and other operational schedules that commissioners can review in further workshops if desired.
