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Hughson City Council accepts FY2023–24 audited financial report
Summary
The Hughson City Council reviewed and accepted the citys fiscal year 202324 audited financial report, which shows a total net position of about $108 million and several prior-period adjustments to enterprise funds.
The Hughson City Council on Tuesday accepted the citys fiscal year 202324 audited financial report after a presentation by finance staff.
Finance staff member Kim told the council the audit was a "con-modified opinion," the highest audit opinion, and that the city's total net position was "about a hundred and $8,000,000." Kim said about $41,793,000 was attributed to governmental activities and $66,000,006.87 to business-type activities, and that government fund revenues and transfers totaled $8,201,000, a roughly $1 million increase from the prior year.
The report listed several prior-period adjustments affecting enterprise funds. Kim said a $1,200,000 adjustment was made for the water fund to reflect a portion of well 9/10 funding reclassified as a loan; she said the total well cost was $12,000,000 and about $3,200,000 of that had been federally funded and considered a loan. Kim also described a $68,004.50 adjustment in the sewer fund and additional adjustments related to fixed assets. The city's net pension liability was reported as about $4,200,000.
Council members asked clarifying questions about unrestricted balances and fund totals. After public comment was closed, a motion to accept the audit report was made and seconded; the council recorded an aye vote from Council Member McFadden, Council Member Vasquez, Council Member Strain and Mayor Jim Crooker. Council members announced the motion passed unanimously.
The report and the numbers Kim summarized will be part of the record for budget discussions as staff continues work on the FY202526 budget and related subcommittee reviews.
