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City finance staff report midyear budget stress points; auditors report no uncorrected entries
Summary
Finance delivered a midyear update showing projected FY25 operating deficit driven by softer TOT/sales tax and higher salary/CalPERS costs; auditors from the POOM Group reported audited financial statements fairly presented with no uncorrected items. Airport forecasts showed a projected surplus driven by non‑aeronautical charges.
City finance staff presented a midyear fiscal update and auditors delivered required communications to the City Council on Feb. 27.
Scope and audits: Frances Kuo, engagement partner with the POOM Group, presented the audit partner’s required communications for the fiscal year ended June 30, 2024. Kuo said auditors completed the city’s financial statement audit, audits for the public financing authority, compliance audits (including the passenger facility charge program and housing successor single audit), and issued opinions. The auditors reported no uncorrected misstatements and no disagreements with management; the financial statements were presented fairly in all material respects per generally accepted accounting principles.
General fund midyear forecast: Director of Finance Christopher Mooney told council that year‑to‑date transient occupancy tax (TOT) cash collections appeared down 21% on a cash basis…
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