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City auditor issues unmodified opinion on San Ramon’s FY2023–24 financial statements; pension and OPEB liabilities noted
Summary
Independent auditors gave San Ramon an unmodified (clean) opinion for FY2023–24. City revenues beat budget in several categories; pension and OPEB liabilities rose and are described in footnotes.
Mason (Mays) & Associates presented the City of San Ramon’s annual comprehensive financial report (ACFR) for the fiscal year ended June 30, 2024, and issued an unmodified opinion on the financial statements.
The audit partner, Whitney Crockett of Mays and Associates, told the council the audit followed generally accepted auditing standards and included a June interim phase and an October final phase. The firm reported an unmodified opinion on the city’s basic financial statements and no exceptions on the agreed‑upon procedures for the appropriation limit calculation.
Key takeaways from the audit presentation and staff overview: - The general fund ended FY2023–24 with an approximate fund balance of $27.3 million, about $1.0 million higher than the prior year, and reserves reported at roughly 45% (staff noted that unaudited ending amounts will be finalized in the published ACFR). - Revenues for the year were above budget by approximately $1.9 million overall: property and sales taxes were $800,000 above budget; intergovernmental revenues rose (about $1.2 million, reflecting SB90 reimbursement and police grants); licenses and permits increased by roughly $200,000. - Charges for services and fines were below budget in some areas; investment income was favorable (about $700,000 above budget in the presentation). - Expenditures came in below budget overall; capital outlay was modestly above budget.
Crockett and staff also reviewed long‑term balances: total assets and net position figures reported in the ACFR and footnotes, including pension and OPEB (other post‑employment benefits) disclosures. The city’s net position was reported around $393 million; pension net liabilities rose in some plans due in part to CalPERS investment performance in the measurement period, and the city’s net OPEB liability increased as actuarial experience differences were reflected in the required notes.
Council members asked about pension volatility and whether the auditors identified any material risks; the auditors noted pension and OPEB funding is an ongoing area of variation (consistent with many CalPERS participants) but found no audit exceptions. The city noted it has applied for the GFOA Certificate of Achievement for the FY2023–24 ACFR.
No formal council action was required on the ACFR presentation; the report was accepted and staff thanked the auditor for the review.
