El Segundo receives fourth consecutive clean audit; council receives and files annual comprehensive financial report

El Segundo’s Finance Director Paul Chung presented the city’s Annual Comprehensive Financial Report (ACFR) for fiscal year ending June 30, 2024, on March 4 and reported the city received a clean audit opinion from CLA, its external auditors.

Chung summarized key figures from the ACFR: total assets (all funds) at about $109 million versus $96 million the prior year; the general fund ended the year at $32 million versus $26 million prior year; and the city’s unassigned general fund balance was $40.7 million (about 53% of general fund expenditures). He said revenue increases of roughly $7 million year‑over‑year were driven by strong sales tax, property tax, utility users tax and the first full year of a new business license tax (BLT).

Tiffany Fung, signing director for CLA, presented the independent auditor’s results and issued an unmodified (clean) opinion on the financial statements. Fung said the audit found no material weaknesses or significant deficiencies in internal control and no audit adjustments. She summarized audit procedures and confirmed that management’s accounting estimates (pensions, OPEB and claims liabilities) were reasonable for financial reporting purposes.

Council received the ACFR and voted by consensus to receive and file the report. Finance staff said this was the fourth consecutive clean audit opinion and noted the city submitted its ACFR for the Government Finance Officers Association (GFOA) award for excellence in reporting.

Action: Council received and filed the FY2023‑24 Annual Comprehensive Financial Report; no corrective actions were required by the auditors.