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Glendale finance staff present 2024 audited financial highlights; city retains strong bond ratings
Summary
City finance staff summarized key figures from the audited Annual Comprehensive Financial Report (ACFR) for fiscal year 2024, reporting an improved net position, recent bond issuances, and credit rating upgrades; staff said the city remains below Arizona’s constitutional expenditure limitation.
Assistant City Manager Vicki Rios and finance staff presented highlights from the city’s audited Annual Comprehensive Financial Report for fiscal year 2024 at the Jan. 28 workshop.
Megan Smith, finance manager, and Megan Elgin, city controller, summarized that the ACFR is prepared under U.S. generally accepted accounting principles (GAAP) and includes statements of net position, changes in fund balance and notes; the ACFR and single‑audit schedules are audited by CliftonLarsonAllen. Elgin said the city earned the Government Finance Officers Association’s certificate of achievement for the 36th consecutive year for its 2023 ACFR.
Staff reported that cash and investments increased in fiscal year 2024 primarily because of recent bond issuances, citing $64,000,000 in general‑obligation bonds and $43,000,000 in excise tax revenue bonds. Elgin presented condensed totals in thousands and explained the figures were shown in thousands in the slides. The presentation noted the city’s investment in capital assets and that outstanding bonded debt stood at about $896,000,000 (presentation figures shown in thousands as noted by staff).
Rios described recent credit upgrades: Fitch assigned a AAA rating to recent GO bonds, Moody’s upgraded the city’s issuer rating from A1 to Aa3 in October 2024, and Moody’s had earlier upgraded the transportation excise tax bonds from A2 to A1. Rios said the upgrades reflect strengthening of Glendale’s economy and fiscal policies.
The presentation covered the single‑audit requirement for entities spending more than $750,000 in federal awards and noted the city’s AELR (Arizona expenditure limitation report) must be filed by March 31; staff said unaudited figures for FY24 show the city well under the state expenditure limitation and the final report will be filed after the auditors complete the audit.
No formal council action was requested in the workshop; staff reviewed results and invited questions about technical accounting matters, bond ratings and how recent bond issuance and transfers affected cash and capital programs.
