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City presents clean audit and annual financial reports; general fund balance detailed
Summary
Finance Director Elizabeth Cabell presented the city’s Annual Comprehensive Financial Report and Popular Annual Financial Report; auditors issued an unmodified (clean) opinion and the city reported a general fund balance of about $50.5 million and total cash of roughly $206 million at fiscal‑year end.
Finance Director Elizabeth Cabell presented the City of Santa Cruz’s Annual Comprehensive Financial Report (ACFAR) and Popular Annual Financial Report (PAFR) for fiscal year 2024 at the Jan. 28 council meeting. The auditors issued an unmodified opinion — commonly called a “clean audit” with no findings — and the council accepted the reports.
Cabell explained the relationship between fund balance and reserves and described the city’s $50.5 million reported general‑fund balance. She said the city categorizes fund balance into non‑spendable, committed, restricted and assigned components, and noted reserves set aside for pensions and emergencies. The finance office reported a total cash and investment balance at fiscal year end of just over $206 million, with the largest cash holdings in the Water Fund (about $47 million) and the General Fund (just over $35 million).
Cabell said the city has submitted its documents for several Government Finance Officers Association awards and last year received recognition for the budget, ACFAR and PAFR. The council voted unanimously to accept the reports.
No further action was required; the presentation was informational and concludes the city’s annual audit cycle for fiscal year 2024.
