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Galt accepts audited financial report for fiscal year ending June 30, 2024; general fund strong
Summary
Council accepted the city’s audited annual comprehensive financial report for FY 2023‑24; staff and a consultant described a healthy general fund balance and forecast work; council approved the reports 5‑0.
The City Council accepted the City of Galt’s audited Annual Comprehensive Financial Report (ACFR) for the fiscal year ending June 30, 2024, and received a staff presentation and consulting assessment that described the city’s fiscal position as healthy.
Lede: The auditors issued an unmodified opinion on the city’s financial statements for FY 2023‑24, and council voted 5‑0 to accept the ACFR, related auditor reports and appropriations‑limit compliance materials.
Nut graf: Interim Finance Director Carly Saunders reviewed government‑wide and fund‑level statements. Staff reported an increase in net position (reported in the presentation as a $22.4 million increase, reflecting government‑wide reporting conventions), a general‑fund fund balance of about $29.7 million (including Measure Q and remaining ARPA funds), and noted Measure Q first‑full‑year receipts of roughly $4.6 million. Consultant Andy Heath told the council the city’s general fund and enterprise results show strong reserves and that Galt is fiscally healthy relative to peer cities.
Key figures and points: Saunders highlighted that governmental revenues rose primarily because of full‑year Measure Q sales‑tax receipts and development‑related charges for services; governmental expenditures rose for capital projects including parks work funded under the Measure Q expenditure plan. The general fund fund balance increased by 23.3% year over year; staff showed committed reserves (including an economic stability/rainy‑day reserve) and an unassigned fund balance that includes Measure Q receipts and ARPA funds. Saunders and Heath said the city has low long‑term debt and an unusually large general‑fund cushion for a city this size.
Council action and follow up: Vice Mayor Sandhu moved to accept the ACFR and related auditors’ reports; Councilmember Reid seconded. Roll call was 5‑0 in favor. Staff said it will continue to refine a financial forecast that includes Measure Q and enterprise funds, and bring longer‑term forecasts and reserve policy implications to the council. Saunders also noted a minor revision to staffing statistics in the ACFR appendix and will update the posted document.
Ending: Councilmembers thanked staff and the consultant; Mayor Farmer and others noted improved fiscal position compared with prior years and supported continuing financial forecasting work to inform policy decisions.
