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Glendora receives clean audit for FY 2023–24; general fund balance increased
Summary
Finance Director Kyle Johnson presented the annual comprehensive financial report for year ended June 30, 2024, reporting an unmodified auditor opinion, a $9 million increase in net position driven by capital project completions, and general fund reserves meeting policy; council received and filed the report unanimously.
Finance Director and City Treasurer Kyle Johnson presented the City of Glendora’s annual comprehensive financial report (ACFR) for the fiscal year ending June 30, 2024, saying the independent auditors issued an unmodified opinion and the government‑wide net position increased by approximately $9 million.
Johnson said the net position gain resulted mainly from completion of multiple capital projects such as playground and park improvements, water main and pump station work, and other capital investments that moved funds into capital assets. The general fund balance increased primarily because lower unrealized losses were recognized in fiscal year 2024 as older, lower‑yield investments matured and were replaced with higher‑yield investments. The city met its contingency reserve policy target (30%–45% of prior year operating expenditures) for the audited year.
Johnson also reported the city made its final payment on the $2,006 tax allocation bonds last month and that both the ACFR and the Popular Annual Financial Report received awards from recognized finance associations. The auditors issued an unmodified (clean) opinion on the financial statements and the reports are posted to the city website in the finance department’s budget and reports section.
Councilmembers praised staff for the audit results and for grant work that strengthened the city’s financial position. A motion to receive and file the ACFR passed unanimously.
What’s next: Staff will publish the ACFR and the Popular Annual Financial Report, circulate the budget‑in‑brief pamphlet when printed and continue work on 2024–25 fiscal reporting and the 2025 budget calendar.
