City accepts FY2023–24 comprehensive financial report showing $661 million net position

The Fairfield City Council unanimously accepted the city’s fiscal year 2023–24 Comprehensive Annual Financial Report (CAFR) and associated compliance reports on Jan. 21 after a presentation by Finance Director John Furtado.

Furtado briefed the council on high-level results, saying the city’s government-wide net position was $661 million across government and business-type activities. He reported total revenues of $303 million and total expenses of $290 million for the period; business‑type activities accounted for much of the net increase.

On the general fund, Furtado said property tax receipts came in ahead of projections: the county roll adjustments pushed property-tax revenue to about $40.3 million. Sales tax revenue, which makes up a large share of general-fund revenue, was slightly below last year and under some peer cities’ trends. The city’s operating reserve exceeded policy targets: the report showed reserves above the 20% benchmark.

Furtado noted the auditors issued an unmodified (clean) opinion and that there were no audit findings. He flagged fiscal pressures in the multiyear forecast: the report’s forecast shows deficit spending could reduce reserves toward policy minimums by 2028 without corrective action.

Council members asked about electric-vehicle (EV) mandates and fleet funding; Public Works Director Sanjay Mishra said California Air Resources Board (CARB) guidance remains in place and local fleet decisions will follow state requirements. On enterprise funds, Furtado said timing of grant reimbursements and capital asset capitalization explains apparent variances in transportation and water fund results.

The council unanimously approved Resolution 2025-10 to receive the CAFR and related reports.