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Buellton council reviews ACFR, staff says city remains in 'solid financial position'
Summary
City finance staff presented the Annual Comprehensive Financial Report for fiscal 2023–24; auditors gave a clean opinion and staff said key revenue streams such as transient occupancy tax have stabilized above pre‑pandemic levels.
The City of Buellton reviewed and accepted the annual comprehensive financial report (ACFR) for the fiscal year that ended June 30, 2024, with staff and auditors reporting a favorable audit opinion and steady revenue performance.
Finance Director Chanel Zamora told the council the independent auditors "expressed an opinion that the city's financial statements for fiscal year ending 06/30/2024 are fairly stated in conformity with GAAP." She summarized the report by saying, "The City of Buellton is in solid financial position." The council agreed to receive and file the report.
The ACFR provides management's discussion and analysis, basic financial statements, fund statements and up to 10 years of statistical information. Zamora told council the city has submitted the report for the Government Finance Officers Association certificate program; Buellton has won consecutive awards for the ACFR in prior years. Auditor Adam Geiss was present and available to answer questions.
Council members pressed staff for context on revenue trends: Zamora said transient occupancy tax (TOT) collections were higher than pre‑COVID levels and have stabilized in recent years. "Two years ago was 4.2 million in TOT," she said, and staff have budgeted approximately $3.8 million as a stable forecast, with last year’s receipts at about $3.9 million.
On expenses, Zamora explained a detail that prompted a council question: public safety appears in two different figures in the report because one number is the program’s total cost and the other is the net cost after program revenues and grants; she noted the department benefited from a COPS grant in the audit period.
Council discussion concluded without objection and the council considered the item "received and filed;" staff said no further action was required at this meeting. Zamora thanked the council and the auditors for their review.
The ACFR is intended to provide greater transparency about the city’s finances, and staff said the combination of increased net position and a healthy fund balance gives the city flexibility for future investments and obligations.
