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Santa Fe Springs posts $16 million year‑end increase; operating reserves rise to $50 million, auditors say
Summary
City staff presented the audited fiscal year 2023–24 financial statements reported by CliftonLarsonAllen (CLA), showing a $16 million net increase to fund balance and a rise in operating reserves to $50 million; auditors issued a modified opinion with no findings reported to council.
Finance staff presented the city’s audited financial statements for fiscal year 2023–24 and told the council the city closed the year with a $16 million net increase in fund balance and an operating reserve that grew to about $50 million.
The audit was conducted by CliftonLarsonAllen LLP (CLA), the city reported. Finance staff said CLA completed interim fieldwork in July, returned in October to gather evidence and finalized the audit in March. Staff described the audit…
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